The difference between the long-run and short-run frameworks is that the long-run framework focuses on demand while the short-run framework focuses on supply.
Answer the following statement true (T) or false (F)
False
Just the reverse is true.
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A straight-line demand curve has an elasticity that becomes smaller as we move from left to right along the schedule
a. True b. False Indicate whether the statement is true or false
Gross domestic product refers to the: a. market value of all final goods and services produced in an economy during a year
b. market value of all goods and services produced by resources located outside the country. c. market value of all intermediate goods and services produced by resources located within the country. d. market value of all used goods exchanged within the country.
What is the primary reason that the highest quintile's share of the national income increased very rapidly over the last 20 years?
A. Poor people are lazy and do not want to work. B. All of our jobs have been shipped overseas. C. Tax cuts on the property owners and high income citizens. D. High cost of health care.
Answer the following statements true (T) or false (F)
1. An increase in the labor supply due to immigration would shift the production possibilities curve to the left. 2. A nation's consumption is strictly limited by its production possibilities, even with international trade. 3. If two sets of data are inversely related, they will appear on a graph as an upward-sloping line. 4. If A is the dependent variable and B is the independent variable, then a change in A results in a change in B.