The yardstick most often used to compare living standards across nations is
a. average production cost per unit
b. sales revenue per month
c. utility per capita
d. output per capita
e. imports per year
D
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A relatively flat aggregate demand curve indicates that
A) velocity is relatively constant. B) the economy is near full employment. C) inflation is relatively low. D) spending is sensitive to changes in the price level.
Normative economics involves
A) a statement of fact. B) a statement of "what should be." C) a statement of "what is." D) a statement that is purely descriptive.
If the economy produces its potential output level, then unemployment is at the natural rate and the actual price level is equal to what producers and others expected. Consequently there is no tendency for price or output to change
Indicate whether the statement is true or false
With ATMs, it is possible to retrieve cash from the bank at any time. One hundred years ago, one could only get cash from the bank during business hours, say, 9 am to 3 pm. The present availability of 24-hour service has arisen because:
A. the cost of providing 24-hour service is much lower today. B. government forced banks to become more convenient. C. flexibility was not valued 100 years ago. D. it was impossible to provide 24-hour service 100 years ago.