Each and every point along a production possibilities curve represents an efficient output option for an economy
a. True
b. False
Indicate whether the statement is true or false
True
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If the marginal propensity to consume (MPC) is 0.75, and if the goal is to increase real GDP by $400 million, then by how much would government spending have to change to generate this increase in real GDP?
a. $140 million. b. $100 million. c. $200 million. d. $400 million.
The costs of unemployment to an individual out of work are larger now than in the 1930s
a. True b. False Indicate whether the statement is true or false
If the actual rate of inflation turns out to be higher than the expected rate of inflation, what happens to the growth rate of output before expectations are updated?
What will be an ideal response?
In Marx's ideal state of communism there would be no haves and have-nots
a. True b. False Indicate whether the statement is true or false