The invention of the steam engine ushered in the following developments, except:
A. Mass-production in industrial factories, for the first time
B. Much easier and cheaper transportation of resources and products
C. A sharp reduction in trade as many societies specialized
D. Major population shifts, from farms to towns and cities
C. A sharp reduction in trade as many societies specialized
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The variance of a distribution increases more than proportionately with the spread of the distribution because:
a. variance is a squared quantity. b. variance always lies at the center of the distribution. c. variance is half the value of mean. d. variance is closer to the maximum values.
Suppose the marginal propensity to consume (MPC) is 0.9 and there is a $4,000 increase in planned investment. Given this information, real GDP will increase by
A. $10,000. B. $40,000. C. $20,000. D. $45,000.
A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n)
A. production function. B. isoquant. C. indifference curve. D. isocost line.