The demand curve for labor is always positively sloped
a. True
b. False
Indicate whether the statement is true or false
False
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If the economy were producing at point A and moved to point B the opportunity cost in terms of lost production of robots would be
A. 1 unit of robots.
B. 2 units of robots.
C. 3 units of robots.
D. 2 units of outboard motors.
Refer to the above figure. Suppose that the economy starts at AD1. If the government reduces taxes, then the economy goes to AD2, but then falls back to AD3. This is an example of
A) complete crowding-out effect. B) partial crowding-out effect. C) Ricardian equivalence. D) laissez-faire.
A country can develop without a large natural resource base
a. True b. False Indicate whether the statement is true or false
In a perfectly competitive market, the market demand curve is horizontal
a. True b. False