When discussing constant returns to specialization, it is realistic to assume that the units of resources required to produce one unit will _____ no matter where a country is on the production possibilities frontier
Fill in the blank(s) with the appropriate word(s).
remain the same
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Which statement about price elasticity of demand along a linear demand curve is true?
a. As the quantity demanded increases, so does the buyer's sensitivity to price. b. When price elasticity of demand is equal to 1, consumers are indifferent to subtle price changes. c. The ratio of current price to quantity demanded is a good estimate of the elasticity of demand. d. As the prices of goods increase, the elasticity of demand increases. e. When an individual buys 4 units of a good his/her elasticity of demand for each unit increases.
The Fed is part of the executive branch of the federal government
a. True b. False Indicate whether the statement is true or false
The Phillips curve shows the trade-off between: a. unemployment and inflation
b. low interest rates and high levels of investment. c. economic growth and inflation. d. consumption and investment.
Which of the following is NOT counted as an economic resource?
a. Mental abilities of labor. b. Money supply. c. Entrepreneurship. d. Physical labor. e. All of the above are included.