Which of the following is most likely a topic of discussion in economics?
a. Families must decide whether to spend their money on a new car or a fancy vacation.
b. Nations must choose whether to put more of the budget into police and fire protection or into the school system.
c. Towns must choose whether to put more of the budget into police and fire protection or into national defense.
d. Nations must decide whether to devote more funds to national defense or to police and fire protection.
a. Families must decide whether to spend their money on a new car or a fancy vacation.
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Supply is unit elastic when the
A) supply curve is upward sloping. B) price elasticity of supply is positive. C) percentage change in the quantity supplied equals the percentage change in price. D) supply curve is horizontal. E) supply curve is vertical.
The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours
A) increases U.S. GDP and increases the well-being of a typical working person in the U.S. B) increases U.S. GDP and decreases the well-being of a typical working person in the U.S. C) decreases U.S. GDP and decreases the well-being of a typical working person in the U.S. D) decreases U.S. GDP and increases the well-being of a typical working person in the U.S.
If on-the-job training provides general job skills:
a. the employer will never provide such training. b. the employer will always provide such training. c. the employer may provide such training if it increases workers' wages. d. the employer may provide such training if workers accept a lower wage.
Stabilization policies can best be described as policies that
A. attempt to eliminate recession and/or inflation in the economy. B. use changes in government spending to promote an equitable income distribution. C. use changes in the money supply to lower income tax rates. D. eliminate poverty through the adoption of work incentives.