The existence of a universal law of scarcity creates pressures on societies to
A. use their resources according to government plans.
B. economize in the use of their resources.
C. allocate their resources equitably.
D. exploit their resources.
Answer: B
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If the exchange rate rises as shown by the arrow, the price of American exports to foreigners will be ________, and foreign nations will demand ________ dollars in order to buy ________ American exports
A) higher; fewer; fewer B) cheaper; fewer; more C) cheaper; more; more D) cheaper; fewer; fewer E) higher; more; more
The job finding rate is defined as
A) the probability that someone who has been unemployed for over a year will find a job in the next month. B) the probability that someone who is not in the labor force will enter the labor force in the next month. C) the probability that someone who is employed will change jobs in the next month. D) the probability that someone who is unemployed will find a job in the next month.
If the government should decide to legalize marijuana, all other things remaining the same, we should expect to see
A) a decrease in the price of marijuana. B) an increase in the price of marijuana. C) a decrease in the demand for marijuana. D) an increase in the use of imported versus domestic marijuana.
"If the marginal product of labor curve slopes downward, then the average product of labor curve necessarily must slope downward." Explain whether the previous statement is correct or incorrect?
What will be an ideal response?