Recessionary gaps can be cured by raising government expenditures.
Answer the following statement true (T) or false (F)
True
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An increase in the demand for workers producing computers for export versus producing agricultural products that can be imported more cheaply from abroad is an example of how increasing wage inequality can result from:
A. the diminishing marginal product of labor. B. increasing reservation prices. C. the diminishing marginal product of capital. D. globalization.
Which of the following is not a reason why the Industrial Revolution occurred when and where it did?
A) The British government was able to more easily seize wealth. B) Institutional changes by the British government helped protect wealth. C) The British government was committed to upholding private property rights. D) The British government was able to eliminate arbitrary increases in taxes.
"Hicks' Third Law of Demand" states that "most" goods must be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
Someone who is underemployed is someone who:
A. is working part-time, but wants full-time employment. B. is working in a job for which he is overqualified. C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use. D. All of these describe someone who is underemployed.