The optimal method of production maximizes cost for a given level of output.
Answer the following statement true (T) or false (F)
False
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The values on the axes of the long-run aggregate supply diagram are
A) real GDP and interest rates. B) real GDP per year and the price level. C) nominal GDP and the price level. D) real GDP and nominal GDP.
If a supply curve is a horizontal line, supply is said to be
A) unit elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
An increase in the price of a resource will cause a movement along the demand curve for that resource
a. True b. False
Why is it true that domestic product and national income must be equal?
a. The IRS national accounting system assures that taxes equal total income. b. The total amount of spending must equal total national sales. c. The value of final product must equal the sum of resource income that produced it. d. The total amount of income earned is eventually spent.