The process of achieving a quality of life in a country that is comparable to that found in a modern economy is called ________

Suppose wheat farmers are price takers. If wheat farmers are currently making economic profits, over time we would expect that

a. existing wheat farmers would plant more acres of wheat. b. farmers growing other crops would switch some of their land from these crops to the growing of wheat. c. the wheat farmers will continue to earn economic profits because they would be driven out of business without such profit. d. both a and b are correct.

The self-correcting tendency of the economy means that falling inflation eventually eliminates:

A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.