Of all the points on the production possibilities curve, only one point represents an efficient point
a. True
b. False
Indicate whether the statement is true or false
False
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Assume the marginal propensity to consume is .8 . To offset a fall in income of 1,000, the government should
a. increase taxes by $200. b. raise taxes by $250. c. increase government spending and taxes by 1,000. d. cut taxes by $200. e. both c and d.
Lenders buy bonds and borrowers sell them
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a variable cost to a typical firm?
a. labor b. mortgage payment on facility c. salary of the office assistant d. monthly mortgage premiums
According to classical macroeconomic theory, nominal variables, but not real variables, are affected by changes in the
a) supply schedule. b) labor supply. c) money supply. d) aggregate supply.