Economic decline will shift a society's production possibility frontier down and to the left.
Answer the following statement true (T) or false (F)
True
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The Clayton Act:
A) was passed in 1985 over the objections of then President Reagan. B) outlaws racial discrimination in the practice of business. C) outlaws the ownership of stock by the U.S. government unless it is in public enterprises. D) outlaws price discrimination unless based on cost differences.
Which of the following is most important if a country is going to achieve and sustain rapid economic growth?
a. large government expenditures as a share of GDP b. institutions and policies that are supportive of competition (open markets) and freedom of exchange. c. free elections and political democracy d. monetary policy makers who are willing to expand the supply of money rapidly
Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, gross domestic product is
A. $6,995 billion. B. $6,340 billion. C. $6,170 billion. D. $7,080 billion.
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. At Point C the price elasticity of demand is -1. Along line segment EC of the demand curve, the demand is
A. unit elastic. B. elastic. C. inelastic. D. either elastic or inelastic, depending on whether price increases or decreases.