The ownership of property is not related to economic development
Indicate whether the statement is true or false
False
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According to John Maynard Keynes,
A) Say's Law is always correct. B) prices and wages move up and down freely. C) effective demand determines real GDP. D) a free market economy automatically finds equilibrium at full employment. E) supply creates its own demand.
The producer surplus on a unit of a good is
A) equal to the marginal benefit from the good minus its price. B) equal to the price of the good minus the marginal cost of producing it. C) always equal to consumer surplus. D) Both answers A and C are correct. E) Both answers B and C are correct.
Which of the following statements is TRUE?
A) Both wealth and income measure variables over a period of time. B) Wealth measures a variable at a point in time and income measures a variable over a period of time. C) Wealth measures a variable over a period of time, and income measures a variable at a point in time. D) Both wealth and income measure variables at a point in time.
The relationship between prices and the corresponding quantities supplied is shown in a:
a. supply schedule. b. demand schedule. c. price-earnings ratio. d. production possibilities curve. e. total output schedule.