Supply-side economics concerns itself with the interaction between demand and supply, the price level, and real GDP.
Answer the following statement true (T) or false (F)
True
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Computation of GDP by the expenditures method would include the purchase of ________.
A. land by the U.S. Department of Interior B. government bonds by a commercial bank C. fertilizer by a farmer D. cement by a construction company
If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, demand for using the toll road must be
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.
The production function Y = AK?L1-? exhibits
a. constant returns to scale. b. diminishing marginal returns to scale. c. increasing returns to scale. d. decreasing returns to scale. e. both a and b.
In the long run, a competitive firm will earn zero economic profit
a. True b. False Indicate whether the statement is true or false