Production at points beyond the production possibilities frontier cannot be attained unless there is an increase in resources or an improvement in technology.
Answer the following statement true (T) or false (F)
True
Economics
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Economics
In the following table, the United States has an absolute advantage in producing___________?
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
Economics
Once marginal costs rise above the average cost,
a. Average cost increases b. Average cost decreases c. Average costs will stay the same d. None of the above
Economics
Which of the following statements accurately describes the economy with an inflationary gap?
a. SRAS intercepts AD3 at ESR.
b. RGDP3 is less than RGDPNR.
c. SRAS intercepts LRAS at ESR.
d. ESR occurs along LRAS.
Economics