If a college admits only a fixed number of applicants every year, then the school's supply curve for admissions is:
A. Perfectly elastic
B. Perfectly inelastic
C. Quite flat
D. Downward-sloping
B. Perfectly inelastic
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Which of the following is likely to shift the production possibilities curve outward? a. A change in preferences away from one of the goods and toward the other
b. An invention that reduces the amount of natural resources necessary for producing a good. c. The discovery of new natural resources. d. Both b. and c. are likely to shift the production possibilities curve outward.
What does price stability mean?
a. Constant inflation over a given period of time. b. No price changes for any good or service during a given period of time. c. Low, non-volatile rates of inflation. d. Low, volatile rates of inflation. e. None of the above.
Net exports represent the difference between exports and imports
Indicate whether the statement is true or false
Autonomous consumption depends on all of the following except
A. Wealth. B. Expectations. C. Credit. D. Innovation.