During the 1970s, the inflation rate and the unemployment rate were inversely related
a. True
b. False
Indicate whether the statement is true or false
False
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2011 real GDP per capita equals ________.
A. $140 B. $7,000 C. $100 D. $70,000
If Arnold has a positive rate of time preference, he desires to
a. save in case of inflation b. consume now rather than later c. invest in stocks and bonds d. invest in education e. plan for retirement
At each level of income, net taxes reduce disposable income, thereby reducing consumption spending
a. True b. False
Cost minimization requires that a firm equate the ratio of marginal products of inputs to the ratio of input prices
a. True b. False Indicate whether the statement is true or false