The statement “saccharine causes cancer” is not a theory; it is a hypothesis.
Answer the following statement true (T) or false (F)
True
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Because oil price increases reduce the consumption of oil, this discourages the development of oil substitutes
Indicate whether the statement is true or false
If a firm wants to maximize profits it should
A) hire lots of capital and very little labor since labor needs to be trained. B) hire unskilled labor rather than skilled labor since unskilled labor is cheaper. C) equate the marginal physical product for each input to the price of the input. D) equate the marginal revenue product for each input to the price of the input.
The Employment Act of 1946: a. guaranteed full employment
b. allowed the federal government to hire as many people as it could to achieve full employment. c. gave the federal government the power to levy an income tax. d. imposed a responsibility on the federal government to promote maximum employment. e. obligated the federal government to run budget surpluses to achieve full employment.