If a nation is going to achieve and sustain a high rate of economic growth, it must
a. prohibit low-wage foreign producers from supplying goods to the domestic market.
b. have an abundant domestic supply of low cost energy resources.
c. have a mechanism capable of attracting savings and channeling them into wealth-creating projects.
d. impose regulations that will limit the intensity of competition among domestic firms.
C
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In the aggregate expenditures model, if aggregate expenditures (AE) are less than GDP, then:
a. inventory is unchanged. b. inventory is depleted. c. employment increases. d. GDP decreases.
In the short run when the number of firms in the market is fixed, the market supply curve is just the horizontal sum of all the firms' marginal cost curves.
Answer the following statement true (T) or false (F)
If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase b. decrease c. remain the same d. one cannot tell what will happen to revenues without specific elasticity numbers e. none of the above
Every society faces economic trade-offs. This means
A) some people live better than others do. B) not everyone can have enough goods to survive. C) producing more of one good means less of another good can be produced. D) society's output cannot be made available to all.