A virtuous cycle refers to the development of new products that follows when a monopoly earns economic profits
Indicate whether the statement is true or false
FALSE
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In the New Keynesian open economy model with a flexible exchange rate, an increase in anticipate future total factor productivity
A) has no effects. B) increases aggregate output. C) reduces aggregate consumption. D) causes an exchange rate appreciation.
One way for the federal government to maintain milk price supports (price floor) is to purchase the surplus milk, that results when the support price is higher than the market equilibrium price. Thus consumers pay both an artificially high price for milk, and as taxpayers, they also pay for the surplus milk
Indicate whether the statement is true or false
Which of the following is an accurate statement about the fallacy of composition?
a. Group plans are often thwarted by individual behavior. b. Individual behavior is easier to predict than group behavior. c. The motivation for individuals changes when they become part of a group. d. Individual truth and group truth are often different.
If per capita trash generation is constant over time, this implies that:
A. per capita consumption of solids has also been constant. B. per capita consumption of goods and services has also been constant. C. total consumption of solids has also been constant. D. total consumption of goods and services has also been constant.