If the AD curve shifts rightward more than expected,
What will be an ideal response?
real GDP will be greater than potential GDP.
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To calculate GDP using the expenditure approach, in part it is necessary to add exports and subtract imports
Indicate whether the statement is true or false
An understanding of opportunity costs is important to understanding: a. how to calculate the total revenue generated by a firm. b. how to assess the economic profitability of a firm
c. How to calculate the tax liability of a firm. d. how accountants calculate accounting profits.
Industries that are truly critical to the national defense should be protected from foreign competition if that is the only way to ensure their existence
a. True b. False Indicate whether the statement is true or false
In economics, which of the following is the best example of capital?
A.) Money held in a checking account. B.) A computer used by a lawyer to prepare legal documents. C.) Investment in training for employees in an accounting firm. D.) The executive producer of a new adventure movie.