All economies must make decisions concerning what to produce, how to produce it, and for whom to produce.
Answer the following statement true (T) or false (F)
True
These are the basic questions of how an economy will be organized.
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A newly industrialized country is a. the same as a high-income country. b. any country that has experienced sustained growth in industry. c. a special classification given to some upper-middle income countries that have achieved relatively advanced manufacturing sectors
d. any country that has moved out of lower income status.
When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, which of the following curves slopes downward?
A) SRAS B) AD C) LRAS D) None of the above
When the consumer price index falls, the typical family has to spend fewer dollars to maintain the same standard of living
a. True b. False Indicate whether the statement is true or false
Refer to Figure 6.4. If the price of computers is $1,500, then consumer surplus is equal to:
A. $175,000.
B. $535,000.
C. $1,000.
D. $262,500.