Cooperation in an economy characterized by extensive specialization requires
A) a rapid exchange of accurate information.
B) flexible government controls.
C) high unemployment to stem inflation.
D) highly trained economists to "fine-tune" the economy.
E) price controls.
A
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The income effect measures how
a. the quantity of a good supplied changes in response to a change in income b. the quantity of a good demanded changes in response to a change in the price of a good, with income constant c. far the budget line shifts due to a change in income d. the quantity of a good demanded changes in response to a change in purchasing power e. income changes when prices change, holding quantities demanded constant
Refer to the graph. Economic output in year 0 is $20 billion. What is potential output in year 2?
A. $21.2 billion B. $20 billion C. $20.4 billion D. $20.8 billion