Economists would classify the Boston Symphony Orchestra as a firm.
Answer the following statement true (T) or false (F)
True
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In recent years defense expenditures has fallen as a share of federal government outlays
a. True b. False
In the example of Ireland described in the text, the country's production set shifted outward over time because:
a. of technological advancements which improved its potato cultivation and overall agricultural production. b. it gained new resources over time which enabled it to specialize and gain comparative advantage in software trade with the U.S. and Europe. c. of new resources which allowed it to gain absolute advantage over many of its trading partners. d. of reduction in trade barriers with the European Union.
If two goods both had positive cross elasticities and positive income elasticities,
a. they are both normal and substitutes for one another. b. they are both normal and complements for one another. c. they are both inferior and substitutes for one another. d. they are both inferior and complements for one another.
Banks under government regulation are limited in their ability to create money by
What will be an ideal response?