Unplanned inventory depletion occurs when real GDP is above its equilibrium level
a. True
b. False
Indicate whether the statement is true or false
False
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The European Union can impose fines of up to ________ percent of the guilty firm;s worldwide total revenue.
A) 100 B) 5 C) 10 D) 25
Comparative advantage is defined as
A) the ability to produce more output of one good relative to another good than another country can. B) the ability to produce more output from given inputs of resources than others can. C) the ability to use more input of resources than others can. D) having a lower average fixed cost in the production of a good than does someone else.
Refer to the information provided in Figure 26.8 below to answer the question(s) that follow.
Figure 26.8Refer to Figure 26.8. If the economy is currently at Point B producing output level Y1
A. input prices are likely to rise. B. aggregate supply shifts to the left and the economy ends up at Point C. C. the economy is operating above full employment. D. all of the above.
A price below the equilibrium price results in
A) a surplus. B) a shortage. C) excess supply. D) a further price fall.