The scarcity of physical resources is far more fundamental to the study of economics than the scarcity of funds.
Answer the following statement true (T) or false (F)
True
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If government saving is negative, then
A) G > T. B) Y + TR < C - T. C) T - TR < G. D) T > TR.
A payoff matrix is a table listing the expected economic profit resulting from different possible strategies
a. True b. False
In competitive markets, the elasticity of labor supply is:
a. unrelated to time. b. inversely proportional to time elapsed since a wage change. c. unity. d. directly proportional to time elapsed since a wage change.
Answer the following statements true (T) or false (F)
1. In the multiplier formula, 1/MPS equals the multiplier. 2. If the MPC is five-sixths, the size of the multiplier is 6. 3. If planned investment decreases, the multiplier will decrease the equilibrium income. 4. Various estimates of the multiplier for the U.S. economy place it between 2 and 3, depending on the level of employment. 5. The classical doctrine assumed that the normal equilibrium position for the economy was at full employment.