Figure 7-1
. In Figure 7-1, which graph best represents total physical product with diminishing returns?
A. 1
B. 2
C. 3
D. 4
Answer: A
Economics
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Assuming prices and wages are fully flexible, the aggregate supply curve will be:
a. upward sloping, but not vertical. b. vertical. c. horizontal. d. downward sloping.
Economics
Economic ________ occurs when two or more nations join to form a free-trade zone.
A. conjugation B. correlation C. integration D. immigration
Economics
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Economics
When there are large federal budget deficits, the trade deficit tends to shrink
a. True b. False Indicate whether the statement is true or false
Economics