The process of focusing on only the most important factors to explain a phenomenon is called
a. abstraction.
b. marginal analysis.
c. rational choice.
d. controlled experimentation.
e. the trade-off between efficiency and equality.
a
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The expansionary monetary and fiscal policies of the 1960s resulted in ________ inflation rates and ________ rates of unemployment
A) high; high B) low; high C) high; low D) low; low
The AD curve is derived by adding up demand curves for all goods and services
a. True b. False
If a firm's economic profit is positive, its accounting profit must also be positive
Indicate whether the statement is true or false
If the price level doubles, it will
A) increase potential GDP. B) increase the quantity of money. C) decrease the buying power of money. D) decrease potential GDP. E) have no effect on the buying power of money.