Refer to Table 19-27. What is the level of personal income for this economy?
A) $1,140 billion B) $1,010 billion C) $990 billion D) $860 billion
B
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List two ways the labor force experience is different between workers in Europe and in the United States. How do these differences influence productivity?
What will be an ideal response?
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Suppose that a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has an absolute advantage in:
A. the production of bananas, but not tomatoes. B. the production of both bananas and tomatoes. C. the production of tomatoes, but not bananas. D. neither good.
Monetarists argue that government actions, particularly monetary policy, worsens the negative aspects of the business cycle
a. True b. False Indicate whether the statement is true or false
Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each additional laborer was beginning to fall off. This is an example of the
A. law of diminishing marginal utility. B. law of increasing opportunities. C. law of demand. D. law of diminishing product.