In the short run, firms can adjust all factors of production
a. True
b. False
Indicate whether the statement is true or false
False
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GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time. B. goods produced domestically but sold to foreigners. C. government purchases of goods and services. D. services purchased by households.
“Money” is defined as?
a. the currency of a nation.
b. anything that is commonly accepted in exchange for other goods and services.
c. currency that has been designated as legal tender.
d. notes issued by the U.S. Treasury and backed by gold.
If Country X has a higher labor productivity than the rest of the world in the production of a good, then Country X has a comparative advantage in the production of the good.
Answer the following statement true (T) or false (F)
Income is to money as
A. short story is to novel. B. video is to digital photo. C. song is to symphony. D. entree is to dessert.