Changes in business inventories are excluded from the definition of investment in the national income accounts.
Answer the following statement true (T) or false (F)
False
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A movement along the production possibilities curve would imply that
A) the labor force has grown. B) productivity has increased. C) society has chosen a different set of outputs. D) productivity has declined because workers are demanding more leisure.
A privately owned monopoly will NEVER produce along a range of output for which
A) the demand curve is elastic. B) the demand curve is inelastic. C) the price elasticity of demand is greater than 1. D) the price elasticity of supply is greater than 1.
Economic models
a. may be insufficient to make numerical predictions. b. may have untestable conclusions. c. both of these are true. d. neither of these are true.
Economics: A Social Science
What will be an ideal response?