During World War II,
a. government purchases of goods and services increased fivefold.
b. the economy's production increased about 25 percent.
c. unemployment fell to about 5%.
d. All of the above are correct.
a
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________ quantity theory of money suggests that the demand for money is purely a function of income, and interest rates have no effect on the demand for money
A) Keynes's B) Fisher's C) Friedman's D) Tobin's
According to the law of increasing opportunity cost,
a. production points outside the production possibility frontier are unattainable b. the production possibility frontier becomes flatter as production increases along the horizontal axis c. the opportunity cost of producing a good rises as production of that good falls d. production points inside the production possibility frontier are unattainable e. the opportunity cost of producing a good rises as production of that good rises
Someone who is without work but is not looking for work is included in the Bureau of Labor Statistics' "unemployed" category
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. The stock market involves many buyers and sellers, and provides profit statements and stock prices. 2. Sellers include consumers who purchase goods. 3. The law of demand says that, other things being equal, when the price of a good or service falls, the quantity demanded increases. 4. An individual demand curve is a graphical representation of a horizontal summation.