Suppose there is some unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true?
A) It will have to increase resource supplies.
B) It can increase output without giving up another good by employing more resources.
C) It is not possible to achieve this unless technology advances.
D) It will have to give up production and consumption of some other good.
B
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When total revenue and price are inversely related, demand is
A) unit-elastic. B) inelastic. C) elastic. D) not related.
The opportunity cost of a college education includes wages lost while enrolled in school
a. True b. False Indicate whether the statement is true or false
If the maximum number of units of cloth produced is 300 and the maximum number of units of corn produced is 600, then with a MPLcloth = 2, what is the MPLcorn?
a. 4 b. 5 c. 6 d. 7
If in the market for money the money supply exceeds the quantity of money households and businesses want to hold, we would expect the interest rate to:
What will be an ideal response?