What is measured on the horizontal axis when we draw a graph of the long-run aggregate supply curve?
A) production of consumer goods B) real GDP
C) production of capital goods D) the price level
B
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To be as well off as possible, a nation should produce
a. only those goods that its populace desires. b. the good within its productive capabilities that commands the highest price in the world market. c. the good that requires the fewest resources to produce. d. whatever good it can produce at a cost lower than that incurred by other nations.
The highest valued alternative that must be given up to engage in an activity is the definition of
A) marginal cost. B) marginal benefit. C) opportunity cost. D) economic equity.
In 2015, the U.S. gross national debt was _____
a. about $1 million b. about $1 billion c. $1 trillion d. $3 trillion e. about $18 trillion
The principle of comparative advantage helps explain trade between nations
a. True b. False Indicate whether the statement is true or false