The most important factor in determining a nation's standard of living in the long run is the productivity of its resources
a. True
b. False
Indicate whether the statement is true or false
True
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Both the ________ do not put a great deal of emphasis on the capital account
A) absorption and monetary approaches B) monetary and elasticities approaches C) elasticities and absorption approaches D) None of the above
Business cycles are a persistent feature of the U.S. economy.
Answer the following statement true (T) or false (F)
Excise taxes are designed to ______.
a. tax all products equally b. tax distinct products only c. help low-wage earners invest more d. help low-wage earners afford necessities
Producing at a point inside the production possibilities curve
A. Suggests we are forgoing the ability to produce more of both goods. B. Means society must be using its resources efficiently. C. Is unattainable given the present level of technology. D. Is feasible when the nation is at war but not feasible when the nation is at peace.