The size of a country's "economic pie" is thought of as the total dollar value of all goods and services produced during some period of time. The economic pie
a. is a fixed total waiting to be divided up among people.
b. determines how much wealth an individual can obtain.
c. is variable, not fixed, across time periods.
d. depends solely upon the natural resources of a country.
C
Economics
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A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explain why the aggregate-demand curve
a) is vertical. b) slopes upward. c) is horizontal. d) slopes downward.
Economics
Refer to Table 2-10. What is Barney's opportunity cost of making a pogo stick?
A) 2 unicycles B) 1.4 pogo sticks C) 1/3 of a unicycle D) 1/2 of a unicycle
Economics