How is economic growth shown by the production possibilities curve?
A. by moving the curve to the left
B. by changing the shape of the curve from a straight line to one that is bowed
C. by moving up the existing curve
D. by shifting the curve to the right
Answer: D
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According to Keynesians, an increase in the money supply will have its greatest impact on real GDP and least impact on the price level when the aggregate demand curve intersects
a. the vertical portion of the aggregate supply curve b. the upward sloping portion of the aggregate supply curve c. the horizontal portion of the aggregate supply curve d. either the upward sloping or the vertical portions of the aggregate supply curve e. either the horizontal or vertical portions of the aggregate supply curve
A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm's revenues cover the business owners' opportunity costs
a. True b. False Indicate whether the statement is true or false
The economy will reach equilibrium in a simple economy only if saving is
A. greater than investment. B. less than investment. C. equal to investment. D. equal to disposable income.
Annabel retired from the fire department. She started volunteering two hours a day at an unpaid job in the local hospital. Annabel is
A. employed. B. unemployed. C. a discouraged worker. D. not in the labor force.