Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A) horizontal. B) steeper. C) shallower. D) vertical.
Economics
Productivity measures:
A. real output per unit of input. B. per-unit production costs. C. the changes in real wealth caused by price level changes. D. the amount of capital goods used per worker.
Economics