For all points above the 45-degree line, planned aggregate expenditure will be less than GDP
Indicate whether the statement is true or false
FALSE
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The components of the U.S. M1 money supply are demand and checkable deposits plus
A) currency. B) currency plus savings deposits. C) currency plus travelers checks. D) currency plus travelers checks plus money market deposits.
Exhibit 2-8 Production possibilities curve data A B C D E F Capital goods15 14 12 9 5 0 Consumer goods 0 2 4 6 8 10 As shown in Exhibit 2-8, the concept of increasing opportunity costs is reflected in the fact that:
A. the quantity of consumer goods produced can never be zero. B. the labor force in the economy is homogeneous. C. greater amounts of capital goods must be sacrificed to produce an additional 2 units of consumer goods. D. a graph of the production data is a downward-sloping straight line.
When supply increases and the supply curve shifts to the right, equilibrium price and equilibrium quantity will both increase.
Answer the following statement true (T) or false (F)
According to the standard government definitions, the percentage of the U.S. population now (2011) considered to be living in poverty is about:
A. 15.0 percent. B. 20.5 percent. C. 9.8 percent. D. 13.2 percent.