Aggregate supply is
A) the horizontal summation of all supply curves for services.
B) the sum of all planned production in the economy.
C) the stock of all goods in the economy.
D) the summation of all product supply curves.
B
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Comparative advantage can change over time
Indicate whether the statement is true or false
You receive a $1,000 gift from your grandmother when you graduate from college. Your grandmother withdrew the $1,000 from her checking account and gave you ten $100 bills. You deposit the ten bills into your checking account. Discuss the impact of these transactions on your grandmother's balance sheet, your balance sheet, and the Fed's balance sheet.
What will be an ideal response?
Average GDP per person is
A. A measure of the economic growth rate of a country. B. The value of the factors of production used to produce output in a country. C. Also known as GDP. D. Also known as per capita GDP.
Regarding the production possibilities curve, an improvement in technology will
A. cause a movement downward along the curve B. shift the curve to the right. C. shift the curve o the left. D. cause a movement downward along the curve.