If you want to earn a high income you should figure out what others value because
What will be an ideal response?
others will be willing to pay attractive prices for things they value.
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The most basic concept in economics is
A) wealth. B) income. C) scarcity. D) spending.
A perfectly elastic demand curve
A) shows that a slight change in income will lead to a large reduction in price. B) is a vertical line drawn across from the quantity axis. C) shows that a slight increase in price will reduce quantity demanded to zero. D) has a slope of -1.
In a free market system
A. there is no government involvement in the economy. B. resources are allocated on a first-come first-served basis. C. buyers and sellers make all of the economic decisions. D. government mostly allows markets to operate with little intervention or regulation.
The empirical evidence finds that large downward movements in wages are ________.
A. extremely rare B. common in some industries but not others C. very common D. common only in Europe