For farmers as a group, increased productivity can lead to lower incomes
Indicate whether the statement is true or false
True
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According to your authors, the "boom" phase of the so-called "business cycle" is
A) caused by an expansionary increase of the money supply. B) a systematic accumulation of mistakes among businesses and households across the economy. C) undertaken because business planners miscalculate the expected profitability of their new ventures. D) ultimately followed by a recessionary "bust" as people begin to correct for the mistakes they've made during the boom phase of the cycle. E) described correctly by all of the above statements.
In the above table, the total variable cost of producing 16 units of output is
A) $20. B) $60. C) $100. D) $120.
The currency adopted by most countries in Western Europe is referred to as the
A) euro. B) pound. C) Eurodollar. D) yen.
Describe the gravity model of international trade.
What will be an ideal response?