When businesses are cutting back production, then it probably true that
a. total spending is greater than total output.
b. total output is greater than total income.
c. total spending is less than total output.
d. inventory levels are decreasing.
c
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Which of the following will not cause a shift in the medical care supply curve?
a. a change in the cost of medical school tuition. b. a change in the percentage of the population with health insurance. c. an change in the amount of student aid available to promising undergraduate students studying biology. d. A change in the number of high-profile medical malpractice lawsuits brought against physicians increasing the premiums on malpractice insurance. e. A wave of union activity that increases the average salaries of nurses nationwide.
The law of increasing opportunity cost helps to explain why PPF's are typically bowed-outward
Indicate whether the statement is true or false
A tax cut shifts aggregate demand
a. by more than the amount of the tax cut. b. by the same amount as the tax cut. c. by less than the tax cut. d. None of the above is necessarily correct.
Whenever statements embodying values are made, we enter the realm of
A. macroeconomics. B. normative economics. C. positive economics. D. microeconomics.