One decision that all firms must make is how much output to supply.
Answer the following statement true (T) or false (F)
True
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A nation's aggregate expenditure decreases with an increase in imports, other things constant
a. True b. False Indicate whether the statement is true or false
Which of the following is true of resources? a. Their availability is unlimited
b. They are the inputs used to produce goods and services. c. Increasing the amount of resources available could eliminate scarcity. d. Both b. and c. are true.
If people suddenly anticipate that inflation will rise during the next year, which of the following is most likely?
a. Nominal interest rates will rise. b. Nominal interest rates will decline. c. The demand for goods and services will decline. d. Both the real and nominal interest rates will decline.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
The Principle of Increasing Opportunity Cost is reflected in the fact that the opportunity cost going from 70 to 80 in economics is:
A. higher than the opportunity cost of going from 80 to 90 in economics. B. lower than the opportunity cost of going from 80 to 90 in physics. C. the same as the opportunity cost of going from 70 to 80 in physics. D. lower than the opportunity cost of going from 80 to 90 in economics.