Compared to 1870, the average worker today in the United States, Britain, France, Germany, and Japan works more than
A. 1,000 more hours a year.
B. 500 more hours a year.
C. The same number of hours a year.
D. 500 less hours a year.
E. 1,000 less hours a year.
E. 1,000 less hours a year.
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The banking system of the United States is a fractional reserve system. What dangers does this pose for the safety of the banking system?
When economists talk about a barrier to entry, they are referring to
a. a factor that makes it difficult for potential competitors to enter a market. b. the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost. c. the downward-sloping portion of the long-run average total cost curve. d. the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.
Advocates of flexible rates ______.
a. embrace the Bretton Woods system b. argue that flexible rates do not cause inflation c. prefer government control of exchange rates d. believe they can cause currency shortages
When total revenue and price are inversely related, demand is
A. unit-elastic. B. inelastic. C. elastic. D. not related.