Society's production possibilities curve is primarily concerned with answering the economic question of what goods and services a society can produce.
a. true
b. false
Answer: a. true
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The single currency project in the EU will be most successful if European labor is relatively
A) immobile. B) immobile and business cycles are not synchronized. C) mobile and business cycles are synchronized. D) mobile and business cycles are not synchronized. E) mobile.
An economist who claims that an increase in government spending would result mainly in a higher price level believes the economy is operating where
a. the MPC is small. b. the MPC is large. c. aggregate supply curve is flat. d. aggregate supply curve is steep.
As a farmer adds more and more fertilizer to a fixed amount of land he will eventually experience ________________.
Fill in the blank(s) with the appropriate word(s).
A financial account surplus necessarily implies
A) a balance of payments surplus. B) a current account surplus. C) a current account deficit. D) an increase in the nation's official reserve assets.