Economic resources are
A. all the unlimited items that people would purchase with limited income.
B. all the items that people would purchase if they had limited wants.
C. items of value that are used to make other things that satisfy people's wants.
D. the total planned expenditures throughout the nation.
Answer: C
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Suppose the price level, the money wage, and the price of all other resources rise by 10 percent. This set of changes leads to
A) an upward movement along the LAS curve. B) a downward movement along the LAS curve. C) an upward movement along the SAS curve. D) a leftward shift of the LAS curve.
Consumers don't always have to pay the maximum price they are willing to pay
Indicate whether the statement is true or false
If hiring the 7th worker increases total product by 5 units and the price of each unit is $2,
a. the firm should not hire the 7th worker as MB
Since 1960, Canadian labor force participation rate has ________ and the unemployment rate has ________.
A) trended higher; trended lower B) trended lower; varied over the business cycle C) trended higher; varied over the business cycle D) trended higher; trended higher E) varied over the business cycle; trended higher