Governments create barriers to entry with licenses or other regulations that limit entry.
a. true
b. false
Answer: a. true
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Which of the following statements is true?
A) Knowledge of economics complicates decision making. B) Economics is more of a theoretical subject with limited applications in the real world. C) Testing with data is essential to develop a good theory. D) Cost-benefit analysis can be applied only to limited economic decisions.
According to Okun's Law, ________ tends to decline when the growth rate of real GDP is ________
A) inflation rate; low B) inflation rate; high C) unemployment rate; high D) unemployment; low
If money demand does not depend upon income, then
a. monetary policy cannot have any effect upon the economy. b. monetary policy will only affect the level of the price level. c. monetary policy will only affect interest rates. d. monetary policy will have a larger impact on income.
The derived demand curve for an input is the MPP curve.
Answer the following statement true (T) or false (F)