Over time, countries grow in a fashion so that their production possibility frontiers always retain the same shape
Indicate whether the statement is true or false
FALSE
Explanation: This would only be true if overall capital/labor ratios in the country remained constant over time.
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Society has to establish priorities among its goals because of
a. lazy politicians b. manipulative politicians c. uneducated voters d. a scarcity of resources e. too many bosses and not enough workers
Which of the following is a merit good in the United States?
a. public housing b. chess c. seat belts d. defense e. bread
Of the following, which is the best example of good with a perfectly inelastic demand?
A) the demand for tickets in New York City when the Mets or Yankees are in the World Series B) the demand for gasoline C) a diabetic's demand for insulin D) the demand for a college education by a student who has a full scholarship to an Ivy League school
An agency that regulates labor markets is the
A. Better Business Bureau. B. Federal Trade Commission. C. Consumer Product Safety Commission. D. Equal Employment Opportunity Commission.