Which of the following is a benefit of economic growth?
A. improved health
B. reduction in illiteracy
C. reduction in poverty
D. all of these
Answer: D
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In order to predict behavior, economic models must be realistic.
Answer the following statement true (T) or false (F)
Is a monopolistically competitive firm productively efficient?
A) Yes, because it produces where marginal cost equals marginal revenue. B) No, because price is greater than marginal cost. C) No, because it does not produce at minimum average total cost. D) Yes, because price equals average total cost.
Refer to the above figure. Which panel is consistent with the Fed selling bonds?
A) Panel A B) Panel B C) Panel C D) Panel D
If society is producing a combination of goods on its production possibilities frontier
a. it must be employing all available resources. b. it must be growing. c. it is using all the available natural resources but may not be using all available labor resources. d. Both a and b.