Rational production decisions require an understanding of
a. trade-offs.
b. opportunity costs.
c. scarcity of resources.
d. All of the above are correct.
Answer: d. All of the above are correct.
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If a person is laid off from a job, he is considered by the Bureau of Labor Statistics to be a
A) job leaver. B) reentrant. C) job loser. D) new entrant.
Which of the following is the least liquid asset?
a. checkable deposits. b. savings-type deposits. c. traveler's checks. d. demand deposits. e. cash.
When the price of a good changes, the amount of that good that buyers wish to buy changes:
A. because of both the substitution and the income effects. B. only if the substitution effect and the income effect do not cancel out each other. C. solely because of the income effect. D. solely because of the substitution effect.
When did intellectual property rights become part of trade agreements?
What will be an ideal response?