The U.S. has the biggest national economy in the world solely because of the U.S. population
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is FALSE?
A) Saving helps create economic growth. B) Improvements in quality of education are important for economic growth. C) Free international trade helps create economic growth. D) Faster population growth is the key to growth in real GDP per person. E) Economic freedom requires property rights.
An isoquant indicates different combinations of
A) two inputs that can be purchased for the same amount of money. B) two inputs that can produce the same amount of output. C) output that can be produced with the same amount of input. D) output that cost the same amount to produce.
A monopoly firm never incurs a loss as it is the sole supplier of the good in the market
a. True b. False Indicate whether the statement is true or false
In 1931, President Herbert Hoover was paid a salary of $75,000 . Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015 . President Hoover's 1931 salary was equivalent to a 2015 salary of about
a. $4,965. b. $1,169,408. c. $1,057,894. d. $16,080,001.