Answer the following statements true (T) or false (F)
1. Being a "jack-of-all-trades" implies reducing the reliance on the division of labor.
2. Even with the use of money, exchange and trade cannot occur if there is no coincidence of wants.
3. One of the most important economic resources is money.
4. Maximum profits are what motivate consumers to decide who will get the goods and services in a market system.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
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Consider the two graphs above. Suppose that improvements in storage technology reduce inventory losses. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage. b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied. c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded. d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
Which of the following will shift the consumption function upward?
What will be an ideal response?
The selling of stock is debt financing for a corporation.
Answer the following statement true (T) or false (F)