Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in Figure 2-3 represents his production possibilities frontier?
A) Graph A
B) Graph B
C) Graph C
D) either Graph A or Graph B
E) either Graph B or Graph C
A
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Rising unemployment and decreased business confidence could be signs that the economy is at the start of a(n):
A. recession. B. boom. C. recovery. D. expansion.
A monopolistically competitive firm that earns a profit in the short run will definitely incur a loss in the long run
a. True b. False Indicate whether the statement is true or false
GDP can be used as a(n)
A. extremely accurate measure of economic welfare. B. rough gauge of economic activity over time. C. precise measure of inflation. D. accurate measure of a nation's international economic activities.
An increase in aggregate demand will tend to cause which of the following?
A. a recessionary gap B. cost-push inflation C. a deflationary gap D. none of these