Which statement is true?
A. On the production possibilities frontier, 85 percent of capital is employed.
B. If we moved closer to the origin and further away from the production possibilities frontier, unemployment would increase.
C. To have economic growth, we must push the production possibilities frontier outward.
D. All of the statements are true.
D. All of the statements are true.
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Firms entering a perfectly competitive industry will cause the price of the product to
A. fall. B. rise. C. remain constant. D. become more responsive to consumer demand.
Which of the following is not a valid relationship?
a. For a normal good: demand for a good increases when income falls. b. For a normal good: demand for a good decreases when income falls. c. For an inferior good: demand for a good decreases when income rises. d. For an inferior good: demand for a good increases when income falls.
New classical economics assumes that government has direct control over the equilibrium level of GDP and indirect control over the money supply
a. True b. False Indicate whether the statement is true or false
Which of the following statements best completes the following sentence; "Prior to World War I, when the U.S. was on the gold standard, inflation in the U.S…."?
A. averaged less than one percent per year and was stable. B. averaged 3.5 percent per year and was stable. C. averaged less than one percent per year and was highly variable. D. averaged 3.5 percent per year but was highly variable.