The total amount of output a country could reasonably produce if all of its people and capital resources were fully engaged is called:
A. full output.
B. potential output.
C. positive output gap.
D. economic growth.
Answer: B
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Specialization according to comparative advantage, followed by trade, allows everyone to acquire more of the goods they want
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true of the market for labor?
A) In the market for labor, the supply curve is always more inelastic than the demand curve. B) In the market for labor, there is a shortage of labor at the point of intersection of the labor demand and labor supply curves. C) In the market for labor, there is a surplus of labor at the point of intersection of the labor demand and labor supply curves. D) In the market for labor, both the equilibrium wage rate and quantity of labor are determined at the point of intersection of the labor demand and labor supply curves.
Credit cards are not part of the nation's money supply
Indicate whether the statement is true or false
Equilibrium real GDP rises after the dollar strengthened. From this, we can conclude that
A) the increase in aggregate demand was greater than the decrease in aggregate supply. B) the decrease in aggregate demand was less than the increase in aggregate supply. C) the decrease in aggregate demand was more than the increase in aggregate supply. D) the increase in aggregate demand was less than the decrease in aggregate supply.