The economy's GDP gap is negative when actual GDP is greater than potential GDP.
Answer the following statement true (T) or false (F)
False
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A cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy and instead he spends his time learning to play the cello, something he always wanted to learn. The economic way of thinking suggests A) others should consider playing the cello while they are still young and healthy. B) the doctors were absolutely right—the patient needs chemotherapy. C) the patient considers playing the cello a substitute for chemotherapy. D) the patient has clearly given up his will to live.
Whenever exports exceed imports (and other planned injections equal other planned leakages), the economy
a. remains stable. b. expands. c. contracts. d. deflates.
Consumers who actually purchase a good either were willing to pay that price or more.
Answer the following statement true (T) or false (F)
"Economic profits are less than or at most equal to accounting profits." Do you agree or disagree? Explain
What will be an ideal response?