A policy rule that concludes that a particular course of action is preferable is known as a(n):
A. theorem.
B. policy.
C. precept.
D. insight.
Answer: C
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If income increases, then the:
A. budget line shifts to the right. B. budget line rotates clockwise. C. opportunity set contracts. D. budget line rotates counterclockwise.
Jessie's demand schedule for candy bars indicates
A. How much she likes candy bars. B. Her opportunity cost of buying candy bars. C. How many candy bars she will actually buy. D. Why she likes candy bars.
Which of the following could cause nominal GDP to increase next year, but real GDP to decrease?
A) The price level rises and the quantity of final goods and services produced rises. B) The price level rises and the quantity of final goods and services produced falls. C) The price level falls and the quantity of final goods and services produced rises. D) The price level falls and the quantity of final goods and services produced falls.
“To reduce agricultural output by a certain percent, an even larger percent reduction in acres planted is required.” Explain
What will be an ideal response?