All possible combinations of goods and services that can be produced given a countries resources assumes:
What will be an ideal response?
Fixed amount of resources, fixed amount of technology, and efficient use of resources
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The simple spending multiplier understates the amount by which output changes
a. True b. False Indicate whether the statement is true or false
Which of the following describes the general effect of tariffs on government revenues as shown in Exhibit 1?
a. eliminated
b. unchanged
c. decreased
d. increased
Explain how firms' production functions and cost curves will change as science and technology advance and as the knowledge of how to organize and manage resources improves.
What will be an ideal response?
High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?
A. 3 B. 4 C. 1 D. 2