One of the two criteria for a resource to be considered as a natural resource is that it must:
A) have been produced.
B) not be part of the environment.
C) be part of a factory or building.
D) be available for the production of goods and services.
Ans: D) be available for the production of goods and services.
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In Country Z, the government simultaneously increases its expenditures by $25 billion and increases taxes by $25 billion. If the MPS is equal to 0.2, the government's action ________ real GDP by ________
A) increases; $125 billion B) increases; $25 billion C) increases; $100 billion D) has no effect on; $0
The optimal number of workers for a perfectly competitive firm to hire occurs when
A. diminishing marginal productivity is first experienced. B. the wage rate equals the marginal product of the last worker. C. the wage rate equals the value of marginal product of the last worker. D. total labor cost equals total revenue.
If the short-run Phillips curve has a very flat slope, the
A. structural deficit will grow during inflation. B. structural deficit will fall during recession. C. inflation costs of reducing unemployment are relatively low. D. inflation costs of reducing unemployment are relatively high.
Explain the two popular opinions held by economists on how to improve the economy
What will be an ideal response?