Refer to the table. For this economy to produce a total output of 3 units of capital goods and 13 units of consumer goods, it must:
Answer the question on the basis of the data given in the following production possibilities
table:
A. achieve economic growth.
B. use its resources more efficiently than the data in the table now indicate.
C. allocate its available resources most efficiently among alternative uses.
D. achieve the full employment of available resources.
A. achieve economic growth.
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In the absence of any government regulation on price, if a firm has no power to set price on its own, one can safely conclude
A) the demand curve for the firm's product is horizontal. B) there aren't many firms in the industry. C) the market is in long-run equilibrium. D) the firms in this industry are not profitable.
The longest period of deflation in the U.S. in the 20th century was during World War II
Indicate whether the statement is true or false