The definition of efficiency implies that production is carried out on the production possibilities frontier
a. True
b. False
Indicate whether the statement is true or false
True
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Which characteristic would best be associated with perfect competition?
A. price takers B. product differentiation C. nonprice competition D. few sellers
Inventory changes (that is, goods produced but not sold) are important in calculating GDP because
a. they are the least volatile component of investment b. these changes mean the economy has extra goods available for purchase c. they are an example of transfer payments d. GDP includes all possible sources for goods and services e. we want to measure all current production when computing GDP
What does "T" represent in the SWOT matrix?
a. threats b. tariffs c. taxes d. talents
Higher interest rates motivate:
A. individuals to spend more on consumption goods. B. individuals to spend more on capital goods. C. firms to invest less in new factories and working capital. D. firms to invest more in new factories and working capital.