At Any Particular Point in Time, the Output of the Economy

question 31

Multiple Choice

At any particular point in time, the output of the economy:

• A) is fixed because the supplies of capital and labor and the technology are fixed.
• B) is fixed because the demand for goods and services is fixed.
• C) varies because the supplies of capital and labor vary.
• D) varies because the technology for turning capital and labor into goods and services varies.

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Definitions:

Conformity

The act of changing one's behavior to match the responses or norms of a group, often as a result of real or imagined group pressure.

Groupthink

A psychological phenomenon in which the desire for harmony in a decision-making group overrides a realistic appraisal of alternatives.

Minority Influence

The process by which a smaller portion of a group changes the opinions or behaviors of the larger group, often through consistency, persistence, and coherence in their stance.

Brainstorming

A creative group activity designed to generate a large number of ideas for the solution to a problem.