Changes in the composition of demand among industries or regions are called sectoral shifts
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the government is considering whether to build a community health clinic. If the government wants to increase total economic surplus, then it should build the health clinic if the marginal benefit of the health clinic is:
A. greater than zero. B. decreasing. C. less than its marginal cost. D. greater than its marginal cost.
Describe the demand curve for a Giffen good
What will be an ideal response?
Which of the following variables is used to measure economic growth?
A) nominal GDP B) nominal GDP per capita C) real GDP D) real GDP per capita
According to economic theory, the real wage should
a. be greater than the price of the product produced. b. equal the marginal physical product of labor. c. be less than the marginal product of capital. d. decline as productivity rises.