An outward shift of a nation's production possibilities curve:
A. ensures the nation of an increase in real GDP per capita.
B. ensures the nation of an increase in real GDP, but not of real GDP per capita.
C. ensures a nation neither of an increase in real GDP nor of an increase in real GDP per
capita.
D. ensures a nation of an increase in both real GDP and real GDP per capita.
C. ensures a nation neither of an increase in real GDP nor of an increase in real GDP per
capita.
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Which of the following statements concerning economic models is FALSE?
A) Economic models must provide usable predictions. B) Economic models are based on pure fact and no assumptions. C) Economic models are tested empirically. D) Economic models relate to how people behave.
If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate output
a. True b. False Indicate whether the statement is true or false