Need establishes eligiblility for Social Security benefits
Indicate whether the statement is true or false
F
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If a farmer’s opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then his or her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
In the circular flow diagram,
a. money flows from the firms to the households through the product market b. money flows from the households to the firms through the product market c. money flows from the households to the firms through the resource market d. money flows from the households to the firms through both the product market and the resource market e. resources flow to the households from the firms through the product market
Due to the distortionary effects of inflation, capital investment may be reduced due to higher price levels.
Answer the following statement true (T) or false (F)
A permanent increase in autonomous investment causes
A. more than that amount of increase in real Gross Domestic Product (GDP). B. less than that amount of increase in real Gross Domestic Product (GDP). C. an offsetting change in saving that leaves real Gross Domestic Product (GDP) at the same level. D. the same amount of increase in real Gross Domestic Product (GDP).