When actual investment is less than intended investment, national production and income will fall
Indicate whether the statement is true or false
F
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Based on the above figure of the costs at Barney's Bagel Bakery, at which level of output will diminishing marginal returns first occur?
A) at 1 bagel B) at 500 bagels C) at 2000 bagels D) at 3000 bagels
Assume South Korea and Vietnam have the same amount of resources. In a given time period, South Korea can produce 100,000 jackets or 1,000,000 shirts. Vietnam can produce 200,000 jackets or 2,000,000 shirts. This means that
A. Vietnam has an absolute advantage in both jackets and shirts. B. South Korea has an absolute advantage in jackets. C. South Korea has a comparative advantage in jackets. D. Vietnam has a comparative advantage in shirts.
The peak phase of the business cycle represents
A) a temporary maximum output level of Gross Domestic Product (GDP).
B) an increase in foreign investment.
C) a labor surplus.
D) falling prices.
Unlike the minimum wage, the Earned Income Tax Credit does not:
A. cost the government money. B. cause low-wage workers to be laid off. C. increase total economic surplus. D. improve the economic well-being of the working poor.