Suppose that Amanda receives a pay increase. We would expect
a. to observe Amanda moving down and to the right along her given demand curve.
b. Amanda's demand for inferior goods to decrease.
c. Amanda's demand for each of two goods that are complements to increase.
d. Amanda's demand for normal goods to decrease.
b
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Government intervention in the marketplace for the purpose of influencing prices should be done whenever the opportunity cost of such actions falls to zero
Indicate whether the statement is true or false
Economic growth occurs when
A. a large part of a country's population is poor. B. a society sacrifices an amount of one good for more of another along its production possibility frontier. C. a society acquires additional resources or when its technology advances. D. there is unemployment of labor but other resources are used efficiently
The Law of Variable Proportions deals with the___________________between the input of productive resources and and the output of final products.
Fill in the blank(s) with the appropriate word(s).
During the course of the twentieth century, the average workweek in the United States has gotten shorter and Americans have enjoyed greater amounts of leisure time. How has this development affected potential GDP and labor productivity?
What will be an ideal response?