Although all points on the PPF are efficient, that alone does not tell us which point is "best" for the society
a. True
b. False
Indicate whether the statement is true or false
True
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Using the information in Table 6.2, the Astro Consumer Price Index for 2014 is
A) 24. B) 100. C) 124. D) 189.
At full-employment GDP,
A) the long-run aggregate demand curve is horizontal. B) the long-run aggregate demand curve is vertical. C) the long-run aggregate supply curve is horizontal. D) the long-run aggregate supply curve is vertical.
Which of the following is necessarily true when an economy is in long-run equilibrium?
a. Prices will be constant (that is, inflation will be zero). b. The actual output will be less than the full-employment (or potential) output. c. The actual rate of unemployment equals the natural rate of unemployment. d. The output of the economy will be greater than the full-employment output.
If there is a "long and variable time lag" between when a change in monetary policy is instituted and when it impacts aggregate demand and output, this will
What will be an ideal response?