The price system ultimately determines the allocation of resources among producers.
Answer the following statement true (T) or false (F)
True
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Elected government officials ________ support ________ fiscal policies
A) must; contractionary B) tend to; expansionary C) must; expansionary D) tend to; contractionary
A normal good is a good for which the demanded decreases as income decreases, holding everything else constant
Indicate whether the statement is true or false
In which of the following forms of regional trading agreement are rules of origin required?
a. a free-trade area b. a customs union c. a common market d. an economic union
An economy could produce above its potential GDP for a short period of time by
A. reducing the size of the labor force. B. increasing the price of final goods and services. C. adding extra shifts of work, such as overtime or night shifts. D. increasing the money supply.