Movement along the aggregate expenditure line is caused by a change in the level of income
a. True
b. False
Indicate whether the statement is true or false
True
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An inflationary gap can be closed by an increase in government spending
Indicate whether the statement is true or false
If Canada has a comparative advantage over Denmark in the production of wood, this implies that
a. it requires fewer resources in Canada than in Denmark to produce wood b. the opportunity cost of producing wood in Canada is lower than in Denmark c. Denmark does not benefit by trading with Canada d. Canada should buy wood from Denmark e. Canada does not benefit by trading with Denmark
High prices do not occur in laissez-faire markets
a. True b. False Indicate whether the statement is true or false
Refer to the data. The marginal cost of the fifth unit of output is:
A. $3.
B. $62.
C. $80.
D. $78.