The unemployment rate among African American workers in the United States is higher than that among white workers
a. True
b. False
Indicate whether the statement is true or false
True
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As an economy increasingly specializes in producing one good, the opportunity cost of that good increases. The opportunity cost increases because
A) not all goods are equally valuable. B) as more of a good is produced, the profit from its production must rise. C) resources are not equally productive in all activities. D) what must be paid to resources increases. E) human wants are virtually unlimited.
A graph cannot be used to show that two variables are unrelated
Indicate whether the statement is true or false
Monopolistically competitive firms constantly develop new products in an effort to
A) make the demand for their product more elastic. B) increase the demand for their product. C) increase the marginal cost of their product. D) None of the above are correct.
Higher education is a normal good. If its price falls,
a. the quantity demanded of higher education will fall. b. the substitution and income effects work in opposite directions. c. the income effect is positive. d. higher education will be a Giffen good.