In the Thomas (1954) model,
(a) all nations near the Atlantic Ocean were considered one economic unit.
(b) laborers, capital and other resources freely move to those users with the highest net returns.
(c) the European economy moved inversely in relation to the U.S. economy and vice versa.
(d) all of the above are true.
(b)
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An event is productive as long as
A) it is incurred without any opportunity cost. B) it increases wealth. C) the value of the inputs exactly equals the value of the output. D) it creates a new material object. E) all of the above are true.
Suppose the economy is initially operating at full employment. A reduction in the size of the budget deficit will cause which of the following in the long run?
A) a recessionary gap B) a reduction in real GDP C) an inflationary gap D) none of the above
Aggregate supply is the quantity of goods and services that consumers wish to buy at different price levels during a given period of time
a. True b. False Indicate whether the statement is true or false
In monopolistic competition:
a. firms collude with each other and act interdependently. b. there are substantial entry barriers. c. there are many close substitutes for the products offered by each firm. d. there are a few sellers each offering a unique product.