How producers respond to the complex wants of the population without having huge shortages or surpluses is amazing because ______.
a. producers are constantly competing against each other
b. computer software is an insufficient tool in this field
c. a single individual or agency does not decide what to produce
d. government officials constantly interfere with the market system
c. a single individual or agency does not decide what to produce
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All else equal, an increase in population decreases potential GDP
Indicate whether the statement is true or false
If your local bank buys a few billion dollars worth of government securities, what happens to the economy's money supply?
What will be an ideal response?
If Q represents a firm's level of output, W represents the wage paid to labor (L) and R is the cost of capital (K), then which of the following represents the firm's cost function?
B. C(Q) = FC(Q) + VC(Q) C. C(Q) = WL + RK D. C(Q) = (W + R)Q
When the U.S. dollar appreciates,
a. U.S. exports rise. b. U.S. imports decline. c. aggregate demand shifts inward. d. aggregate demand shifts outward.