Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. If Microland's economy is at Point B, it could produce more capital goods
A. by sacrificing some consumer goods.
B. only with additional resources.
C. only with technological improvements.
D. without sacrificing any consumer goods.
Answer: A
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Suppose 180,000 people are employed, 20,000 people are unemployed, and 50,000 people are not in the labor force. Calculate the labor force participation rate
What will be an ideal response?
What are the tools that a country can use to restrict international trade?
What will be an ideal response?
Marginal revenue product equals the marginal physical product multiplied by the quantity demanded.
Answer the following statement true (T) or false (F)
When aggregate economic activity is declining, the economy is said to be in
A) a contraction. B) an expansion. C) a trough. D) a turning point.