Which of the following is an example of an undesirable side effect of the operation of the market mechanism?
a. negative externalities
b. comparative advantages
c. abstractions
d. productivity growth
a
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It is profitable to hire more labor if the price level ________ and the money wage rate ________
A) rises; falls B) rises; rises by the same percentage C) falls; does not change D) falls; rises E) does not change; rises
Health care makes up ________ of the U.S. economy
A) about 2 percent B) roughly 8 percent C) more than one-sixth D) almost two-thirds
A market system does not operate based on self-interest
a. True b. False Indicate whether the statement is true or false
Using the supply data in the schedule below, complete the table by computing the price elasticity of supply coefficients between each set of prices. Indicate whether supply is elastic, inelastic or unitary at each price
