Which of the following is incorrect? During the Great Recession U.S:
a. Real GDP fell.
b. Unemployment rose.
c. Monetary base fell.
d. Inflation fell.
e. All of the above are correct.
.C
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Answer the following statements true (T) or false (F)
1. The ability to produce a good or service at a lower opportunity cost than other producers face is known as comparative advantage. 2. The ability of a nation to gain from specialization and exchange is affected by factors such as shipping costs and exchange rates. 3. One cause for the uneven standard of living throughout the world is the uneven distribution of resources. 4. The application of the principle of comparative advantage requires each of two trading partners to have an absolute advantage over the other in the production of some particular commodity.
When you are calculating how long it will take your initial bank deposit to double, the rule of 72 prescribes that you divide the annual interest rate paid on the deposit by 72
a. True b. False Indicate whether the statement is true or false
A firm has increasing returns to scale if:
A. a proportional change in the use of all inputs produces a more than proportional change in output. B. a proportional change in the use of all inputs produces a less than proportional change in output. C. a proportional change in the use of all inputs produces the same proportional change in output. D. an increase in capital leads to an increase in output.
If the quantity of pretzels demanded decreases by 8% when the price of beer increases by 6%, the cross-price elasticity of demand between pretzels and beer is
A. -14. B. -1.33. C. -0.75. D. 2.