Answer the following statements true (T) or false (F)
1. Labor includes the physical efforts of individuals and groups, but not their mental efforts.
2. Functional distribution has to do with the allocation of total production among the resources.
3. Goods used to produce other goods and services are known as capital.
4. All economies in the world have identical methods of functional distribution.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
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The curve labeled A in the above figure is a
A) short-run aggregate demand curve. B) short-run aggregate supply curve. C) long-run aggregate demand curve. D) long-run aggregate supply curve.
In a repeated prisoners' dilemma game
A) the players act sequentially. B) the outcomes are the same as in a static prisoners' dilemma game. C) firms' choices are not influenced by their opponents' actions. D) cooperation may result if the game is played indefinitely.
Raising the required reserve ratio causes the money multiplier to increase
a. True b. False Indicate whether the statement is true or false
PPP-adjustment:
A. gives us a realistic sense of how the living standards of the world's poorest citizens translate into dollar terms. B. allows us to see that poorer countries are not quite so poor as suggested by their nominal GDP per capita. C. gives us a more realistic sense of differences in living standards around the world. D. All of these statements are true.