The value of the output produced in an economy reflects the value of the income generated by the factors of production used to produce that output
Indicate whether the statement is true or false
True
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According to economic theory, the political process tends to
A) benefit every participant equally. B) harm every participant equally. C) concentrate benefits in the hands of special interest groups and disperse the costs throughout the uninformed voters. D) support public projects that clearly pass a strict benefit-cost analysis.
Because resources are scarce, a society cannot give all individuals the standard of living to which each aspires
a. True b. False Indicate whether the statement is true or false
When the Fed uses monetary policy targets, they cannot use both a money supply target and an interest rate target at the same time because
A. It is easier for the Fed to keep track of, and influence, the interest rate B. Interest rates are determined by money supply and money demand that the Fed does not control money demand C. The Fed is only allowed to choose one target at a time to publish the Congress
If there is no response in quantity demanded to a change in price, demand is
A) perfectly inelastic. B) perfectly elastic. C) elastic. D) unit-elastic.