When someone asks how much money you made this year, they are using the term “money” correctly.
Answer the following statement true (T) or false (F)
False
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Economists believe that production possibilities frontiers rarely have a bowed shape
a. True b. False Indicate whether the statement is true or false
Briefly explain how changes in business taxes would affect aggregate demand. Give an example.
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. The future value (FV) of a dollar is its present value (PV) plus the opportunity cost of not using that dollar in the present period. 2. The term, 1/(1 + r)t is known as the discount rate, where r represents the discount factor. 3. Present value determination is a procedure that corrects a value for the rate of inflation. 4. The discount rate used for public policy decision making is called the social discount rate. 5. Deflating refers to the process of converting a real value into its nominal value.
The necessary ingredients for economic growth and poverty reduction are no mystery, really: education, favorable and efficient institutions, research and development, etc. Macroeconomists are unlikely to have anything useful to say. Comment
What will be an ideal response?