Why are human resources limited?
A. Some people are unable to work.
B. New equipment is expensive.
C. Countries lack needed technology.
D. World population continues to grow.
A. Some people are unable to work.
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Passive macroeconomic policy would rely on natural market forces and automatic stabilizers to close an expansionary gap
a. True b. False Indicate whether the statement is true or false
Which of the following is not likely to result from an increase in the federal minimum wage?
a. an increase in the quantity of low-skill labor supplied b. a decrease in the quantity of low-skill labor demanded c. a decrease in teenage unemployment d. an increase in teenage unemployment
An increase in the demand for a good refers to a shift in the
a. demand curve to the left b. demand curve to the right c. quantity demanded to the right d. quantity demanded to the left e. price of the good
Which of the following most accurately describes the invisible hand concept?
a. Wise central planning by government is necessary for the efficient use of resources. b. In a democratic setting, majority rule will result in the efficient use of resources. c. In a market setting, when individuals pursue their own interests, they simultaneously tend to promote the public interest. d. In a market setting, when individuals pursue their own interests, they tend to engage in activities that lower the overall economic welfare of society.