Deregulation of the airline and trucking industry has (i) resulted in considerable entry of new firms or (ii) has forced workers in these industries to make large concessions on wages and working conditions.
A. i and ii
B. i but not ii
C. ii but not i
D. neither i nor ii
Answer: A
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Specialization and division of labor are made easier by the existence of money.
Answer the following statement true (T) or false (F)
An economy in which government bureaucracy decides how much of a good to produce, how to produce the good, and who gets the good is known as a
A) centrally planned economy. B) market economy. C) mixed economy. D) laissez-faire economy.
In the figure above, the Lorenz curve that shows the richest 20 percent of households receiving 80 percent of all income is
A) curve A. B) curve B. C) curve C. D) curve D.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.