Which of the following would decrease the total output of goods and services?
A. Mandatory controls on production
B. Increases the hours of work
C. Increases in labor input growth
D. Increases in capital stock
Answer: A
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Assume that prices have risen in a given economy by an average of 5 percent over the last nine years. If consumers base their expectations about future price movements on that knowledge alone their forecasts rely on ________
A) reverse expectations B) adaptive expectations C) rational expectations D) monetary expectations
The reason that opportunity costs arise is that
A. people have unlimited wants. B. there are no alternative decisions that could be made. C. an economy relies on money to facilitate exchange of goods and services. D. resources are scarce.
An increase in the U.S. exchange rate will make U.S. exports.
A) less attractive to foreigners and imports from other countries less attractive to the United States. B) less attractive to foreigners and imports from other countries more attractive to the United States. C) more attractive to foreigners and imports from other countries more attractive to the United States. D) more attractive to foreigners and imports from other countries less attractive to the United States.
Development refers to an increase in:
A. productive capacity with no change in output. B. output with no change in productive capacity. C. output brought about by a change in the production function. D. output brought about by an increase in inputs.