Helping the poor is synonymous with more income equality
a. True b. False
b
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What is meant by the term "omitted variable" in correlation analysis? Explain with an example
What will be an ideal response?
The trade-offs facing workers include all of the following EXCEPT:
A) decision to work or remain outside the workforce. B) decision to work or seek additional education. C) decision to work for a large corporation or a small firm. D) decision to allocate their time between work and leisure. E) All of the above are trade-offs facing workers.
The balance of payments ____________
a. is positive when the nation has a trade surplus b. is an itemized account of a nation's foreign economic transactions c. for some nations is positive and for others is negative but for the sum of all nations is zero d. is negative when the nation has a trade deficit e. can only be expanded when the government has foreign exchange reserves
A firm is both hiring labor and selling output in purely competitive markets and is maximizing profits. It is currently operating in the elastic range of its MRP curve. If the wage rate increases, its total spending on wages at the new equilibrium will:
A. Be larger B. Be smaller C. Be unchanged D. Change in an undetermined direction