Workers who deal with information are generally referred to as
A) non-productive workers.
B) production workers.
C) knowledge workers.
D) migrant workers.
C
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Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.
Firms in a perfectly contestable market will be forced to operate as efficiently as possible and to charge prices as low as long-run financial survival permits. Why?
The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living:
A. remained the same. B. decreased by 20 percent. C. increased by 4.5 percent. D. decreased by 4.5 percent.
A fiduciary monetary standard exists when the value of a currency
A. cannot be determined. B. increases with inflation. C. depends upon the public's confidence that the currency can be exchanged for goods and services. D. is convertible to a fixed quantity of gold.