Empirical evidence suggests that the federal budget has remained more or less in surplus between 1990 and 2002
a. True
b. False
Indicate whether the statement is true or false
False
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A ________ curve means that ________
A) horizontal demand; a change in price does not change total revenue B) horizontal demand; the elasticity of demand is less than 1 C) horizontal supply; the elasticity of supply is infinite D) horizontal supply; the elasticity of demand is infinite E) vertical demand; a change in price does not change total revenue
An economic agent ________ when he accounts for the full costs and benefits of his actions
A) is called a free rider B) internalizes an externality C) maximizes his profit D) is called a rent seeker
Suppose the official gold value of the Brazilian real changes from 457 reals per ounce to 528 reals per ounce. We can then say that:
a. the Brazilian real has been devalued. b. the Brazilian economy is expected to experience rapid inflation. c. gold has been devalued. d. the Brazilian real has appreciated in value. e. gold is now cheaper to purchase in Brazil than it was before.
Explain what is meant when it is said that the demand for labor is a derived demand