The learning curve indicates that
A) economies of scale are taking effect.
B) repetition of various production tasks cause unit costs to decrease.
C) workers must learn new skills in order to improve.
D) it takes time to learn a new skill.
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
High-income countries such as the United States spend a greater amount on services as compared to goods
Indicate whether the statement is true or false
Refer to the figure above. If A forms a customs union with C, the quantity of trade creation will be
A) 100 units. B) 70 units. C) 30 units. D) None of the above.
Make use of the quantity equation to answer the following problem. If the Fed increases the money supply by 6%, economic growth is 2%, and inflation is 2%, what is happening to the velocity of money? Be specific
What will be an ideal response?