A graph that shows the maximum combinations of two goods which a consumer can purchase with a given money income is:
A. The production possibilities curve
B. An indifference curve
C. A demand curve
D. A budget line
D. A budget line
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If the economy is fully employed, which of the following is true?
A) The price level equals 100. B) Real and nominal GDP are equal. C) Real and potential GDP are equal. D) The unemployment rate is zero. E) Real GDP cannot increase.
The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a ________
A) goods and services demand B) production demand C) derived demand D) resource demand
There are significant technological barriers to entry that help make the automobile industry oligopolistic
a. True b. False Indicate whether the statement is true or false
Inflation is a:
a. One-time change in the general level of prices b. Sustained decline in the general level of prices c. Sustained rise in the general level of prices d. Movement of the economy toward full-employment