If the economy were producing at 12 units of outboard motors and 8 units of robots
A. the economy would be at a point inside its production possibilities curve.
B. the economy would be at a point outside its production possibilities curve.
C. the economy would have unemployed resources.
D. the economy would be at a point inside its production possibilities curve AND would have unemployed resources.
D. the economy would be at a point inside its production possibilities curve AND would have unemployed resources.
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Describe the empirical research on the stickiness of prices. Given some doubt on how sticky prices are, why is it nevertheless useful for the Keynesian model to assume that prices are sticky, especially when analyzing monetary policy?
What will be an ideal response?
In economics, the term physical capital
A) refers to funds used by businesses to acquire goods and services. B) refers to all manufactured resources used for production. C) refers to the process of raising funds through the stock market. D) defines the stock of merchandise already produced.
By itself, an increase in the price of oil shifts the
What will be an ideal response?
Average revenue is slightly higher than price
a. True b. False Indicate whether the statement is true or false