Aggregate demand is a schedule that shows the various amounts of goods and services that only consumers and businesses desire to purchase at each possible price level.
Answer the following statement true (T) or false (F)
False
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Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Scraping Bottom to another mine is:
A. 3 tons per day. B. 0 tons per day. C. 4 tons per day. D. 5 tons per day.
For society, when is a good NOT scarce?
a) if at least one individual in society can obtain all he or she wants of the good b) if firms are producing at full capacity c) if all members of society can have all they want of the good d) if those who have enough income can buy all they want of the good
According to the Laffer curve, a decrease in the tax rate may decrease tax revenues.
Answer the following statement true (T) or false (F)
The price index that measures the cost of a basket of goods and services bought by firms is called the
a. industrial price index. b. producer price index. c. core price index. d. GDP deflator.