If the economy could produce 42 consumer goods and 12 capital goods, given the current production possibilities curve, the economy would be producing ___________________ (outside/on/inside) the curve.
outside
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If an oligopolistic game is repeatedly played, which of the following can occur?
A) Players can learn ways to cooperate and earn an economic profit. B) The competitive price and output consistently is the final result. C) Firms can learn how to cheat more effectively on the other player. D) One firm will be driven out of business. E) An implicit agreement is reached in which one firm constantly cheats on the cartel and the other firm complies with it.
In calculating price elasticity of demand, which of the following is assumed to be constant?
a. the price of the product itself b. the quantity demanded of the product c. total revenue received from the sale of the product d. the prices of all other products e. none of the above
?
Exhibit 10A-3 Macro AD-AS Model
In Exhibit 10A-3, the level of real GDP associated with Y1:?
A. ?is equal to potential real GDP. B. ?is an inflationary gap real GDP. C. ?is a long-run equilibrium. D. ?is caused by flexible wages and prices.
People who stopped looking for work because they could not find jobs are called discouraged workers.
Answer the following statement true (T) or false (F)