The ability of an economy to produce greater levels of output in the same period of time is called:
a. positive economics.
b. negative economics.
c. economic growth.
d. marginal productivity.
c
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In an economy that relies on barter, trade requires a double-coincidence of wants
a. True b. False Indicate whether the statement is true or false
Which of the following statements is an example of confusing association and causation?
A. Senator Jones believes that more tax revenue should be distributed to the poor. B. A map includes roads, but not every restaurant, telephone pole, and C. Interest rates rise when it rains, all other factors constant. D. When the price of Coca-Cola increases, consumers buy more Pepsi, all other factors constant.
Which of the following is NOT a type of specialized investment?
A. Physical-asset specificity B. Site specificity C. Human capital D. All of the statements associated with this question are types of specialized investments.
A higher price level causes
A. the aggregate demand curve to shift to the left. B. the C + I + G + X curve to shift down. C. the aggregate demand curve to shift to the right. D. the C + I + G + X curve to shift up.