An increase in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point inside the frontier
Indicate whether the statement is true or false
TRUE
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The U.S. balance of trade has been in a large surplus since 2001
a. True b. False Indicate whether the statement is true or false
A by-product of the acceptance of the Keynesian school was the wide approval and practice of activist government fiscal policy around the world
a. True b. False Indicate whether the statement is true or false
The First Bank of the United States was able to control the money supply by
a. using open market operations b. presenting state banks with their notes for repayment in gold and silver c. changing the national currency on an annual basis d. merging the banking decision making of the executive and the legislative branches e. forcing the Senate Banking Committee to issue fiat money
When you are hungry, you receive the most satisfaction from the first apple and less satisfaction from each additional apple. What explains this?
a. income effect b. substitution effect c. law of elasticity of demand d. law of diminishing marginal utility