The theory of short-run economic fluctuations is uncontroversial
a. True
b. False
Indicate whether the statement is true or false
False
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If European economies experience a period of sustained recession and the United States does not, what will happen in the United States?
A. An increase in aggregate supply B. A decrease in aggregate supply C. A decrease in aggregate demand D. An increase in aggregate demand
How costly are biases in the CPI?
What will be an ideal response?
Refer to the above figure. How do you describe what is happening as the economy moves from point A to point B?
A) The economy has acquired new resources that are well suited for producing wool. B) Land that was once used to grow wheat is now being used to graze sheep. C) The economy is producing more bread by choosing to produce less wool. D) The technology for growing wheat has improved.
The term utility refers to the:
a. usefulness of a good in relation to its scarcity. b. necessity of a good. c. price of a good. d. number of goods a consumer has. e. pleasure or satisfaction a consumer receives upon consuming a good.