A production possibilities frontier indicates the most efficient combinations of goods
a. True
b. False
Indicate whether the statement is true or false
True
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One example of gradualism is taking place in
a. China b. the United Nations c. New Zealand d. Japan e. France
Consider the following ratio: the average annual inflation rate/the average annual money growth rate. A country with a ratio less than one would have:
A. to have a high unemployment rate. B. an economy suffering from a recession. C. an average inflation rate less than the average rate of money growth. D. an average inflation rate greater than the average rate of money growth.
As new firms enter a monopolistically competitive market, profits of existing firms
a. rise, and product diversity in the market increases. b. rise, and product diversity in the market decreases. c. decline, and product diversity in the market increases. d. decline, and product diversity in the market decreases.
Economists of the rational expectations school believe that if the economy is already producing its potential output, an expansionary monetary policy, if fully and correctly anticipated, will have no effect on output or employment
Indicate whether the statement is true or false