Refer to the diagram for athletic shoes. The optimal output of shoes is:
A. Q 1 .
B. Q 2 .
C. Q 3 .
D. greater than Q 3
B. Q 2 .
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Equilibrium GDP occurs when total spending equals total output.
Answer the following statement true (T) or false (F)
To arrive at a more accurate measure of real output changes in an economy, nominal GDP figures should be adjusted for inflation
a. True b. False Indicate whether the statement is true or false
An economic naturalist is someone who:
A. has an innate talent for using economic concepts. B. uses economic arguments to protect the environment. C. studies the process of natural selection in a cost-benefit framework. D. applies economic insights to understand everyday life.
The group that sets the Federal Reserve Systems policy on buying and selling government securities (bills, notes, and bonds) is the:
A. Federal Deposit Insurance Corporation (FDIC). B. Federal Bond Sale Authority. C. Council of Economic Advisers. D. Federal Open Market Committee (FOMC).