The curve that shows quantities of total real output that will be offered for sale at various price levels is called the
a. aggregate demand curve.
b. domestic investment curve.
c. aggregate supply curve.
d. yield curve.
c. aggregate supply curve.
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All else constant, if the use of historic costs understates the opportunity costs associated with using a particular piece of capital, accounting profit will be understated
Indicate whether the statement is true or false
Why is the use of theory and observation more difficult in economics than in sciences such as physics?
a) It is difficult to evaluate an economic experiment. b) It is difficult to devise an economic experiment. c) It is difficult to actually perform an experiment in an economic system. d) It is difficult to collect sufficient data.
Classical economists predicted that population growth would eventually reduce economic growth because they believed:
A. in the law of diminishing marginal productivity. B. in the law of increasing marginal productivity. C. that production involved increasing returns to scale. D. that production involved decreasing returns to scale.
The two groups that benefit the most from quotas are
A. the importers who have the right to import the restricted good and the domestic producers of the restricted good. B. the domestic consumers of the restricted good and the domestic producers of the restricted good. C. the importers who have the right to import the restricted good and the domestic consumers of the restricted good. D. the domestic consumers of the restricted good and the foreign producers of the restricted good.