Inflation
What will be an ideal response?
The rate at which the average price of goods and services increase over time
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What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.
What will be an ideal response?
Over a period of time both the price and the quantity sold of a certain product have increased. One possible explanation might be that:
a. Supply decreased over time, while demand remained the same b. Demand increased over time, while supply remained the same c. Supply increased over time, while demand remained the same d. Supply increased over time, while demand declined
In a market system, private ownership of land leads to the following results, except:
A. Private owners will face no cost in using land for one purpose rather than another B. Land rent would reflect the opportunity cost of land C. Land would be allocated to its best possible uses D. It would aid economic growth because land rents would reflect changes in tastes and technologies
Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false