Economic progress
A) reflects that people are achieving higher income levels and living standards.
B) requires that individuals work longer hours.
C) indicates that scarcity is no longer a problem.
D) indicates income levels are higher even though environmental and health conditions have worsened.
A) reflects that people are achieving higher income levels and living standards.
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If price exceeds average variable cost but is less than average total cost, a firm
A) should shut down. B) should further differentiate its product. C) should stay in business for a while longer until its fixed costs expire. D) is making some profit but less than maximum profit.
Goods produced in the U.S. are made more competitively priced when
a. the dollar appreciates. b. the dollar depreciates. c. the exchange rate is fixed. d. the money supply is decreased.
If the economy is represented in the graph shown and is currently at point E1, what could be said about the state of the economy?
A. There is higher unemployment than the natural rate.
B. There is lower unemployment than the natural rate.
C. The unemployment rate is just about the natural rate.
D. The unemployment rate is zero.
One reason why purchasing power parity may not work perfectly has to do with barriers to trade such as tariffs and quotas on imports
a. True b. False