All else equal, as the price of a product falls, the quantity supplied decreases
Indicate whether the statement is true or false
TRUE
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When government expenditures in a given year exceed tax receipts, there exists
A. a budget surplus. B. a budget deficit. C. public revenue. D. full-employment taxation.
Since wages fell by more than prices, Civil War laborers were better off
Indicate whether the statement is true or false
People would not choose to specialize because:
A. it can lead to more consumption than being self-sufficient. B. it can lead to consumption beyond the production possibilities frontier. C. it allows people to acquire goods at a lower opportunity cost. D. production standards are harder to control if goods are imported from other countries.
Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. used only as inputs to produce something else and are counted as separate itemsin GDP. D. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP.