At any moment in time, middle-age people tend to have higher incomes than both younger and older people do
a. True
b. False
Indicate whether the statement is true or false
True
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The economic hardship resulting from a financial crises is severe, however, there are also social consequences such as
A) increased crime. B) difficulty getting a loan. C) currency devaluations. D) loss of output.
Which of the following observations is true of the principle of comparative advantage?
a. It arises from the absolute cost advantage. b. It helps determine most efficient patterns of production. c. It was advanced by Adam Smith. d. It means producing a good using smaller quantities of resources than others.
If a perfectly competitive firm faces a market price of $3 per unit, and it decides to produce 30,000 units, the market price will likely:
A. stay the same. B. increase. C. increase initially and then decrease. D. decrease.
(Advanced analysis) Assume that the MPS is .33 in an economy that has an aggregate supply curve with a slope of 1. An increase in investment spending of $10 billion will shift the aggregate demand curve rightward by:
A. $30 billion and increase real GDP by $15 billion. B. $30 billion and increase real GDP by $30 billion. C. $10 billion and increase real GDP by $30 billion. D. $10 billion and increase real GDP by $10 billion.