Since wages fell by more than prices, Civil War laborers were better off
Indicate whether the statement is true or false
False
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
During periods when the inflation rate fluctuates widely, _____
a. the nominal interest rate and the real interest rate are identical b. all money prices rise at the same rate, causing relative prices to increase c. suppliers link the selling prices of their goods to the overall inflation rate d. uncertainty about changes in relative prices causes a decrease in economic efficiency e. all money prices increase at the same rate, leaving relative prices constant
The invisible hand refers to the coordination that occurs from:
A. a government agency finding efficiencies. B. everyone working for the overall good of society. C. everyone working in his or her own self-interest. D. a government coordinating economic activity.
As a firm continues to produce additional output, which of the following will continue to decline as output expands?
A. opportunity costs B. average total costs C. average fixed costs D. marginal costs