A recurring theme in economics is that people:
A. Have unlimited resources, but limited economic wants
B. Can increase resources by limiting their economic wants
C. Have limited economic wants and limited resources
D. Have unlimited economic wants, but limited resources
Answer: D
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All of the following would be included in aggregate expenditure except
A. social security payments. B. changes in inventories. C. sales of domestically produced goods to foreigners. D. purchases of services provided by government employees.
Total product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) maximum output that a given quantity of labor can produce. C) maximum amount of output produced by a given quantity of labor divided by the given quantity of labor employed. D) maximum amount of amount of output produced by a given quantity of labor divided by price of the output.
Describe and give a reason for the law of supply
Please provide the best answer for the statement.
Inflation caused by continually decreasing short-run aggregate supply is
A. cost-push inflation. B. demand-pull inflation. C. demand-push inflation. D. cost-pull inflation.