Which statement is true?
A. The United States has a larger national output than any other country in the world.
B. We have had recessions about every three years since World War II.
C. There were no recessions while Ronald Reagan was president.
D. None of the statements are true.
A. The United States has a larger national output than any other country in the world.
You might also like to view...
The ability to produce a good at a lower opportunity cost than another producer is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
Profits equal:
A) total revenue minus variable costs. B) revenue minus fixed costs. C) total revenue minus total costs. D) total revenue.
One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world. B) a model accurately pictures every detail of the real world economy. C) a model relates to individual thought processes rather than behavior. D) it is relatively easy to perfectly specify a model.
If the monetary authorities want to lower the size of the monetary multiplier, they should
A. lower the legal reserve ratio. B. raise the legal reserve ratio. C. take actions to increase bank reserves. D. take none of these actions.