How is the value of a good determined?
What will be an ideal response?
It depends on many factors, including who uses it and under what circumstances.
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The budget deficit refers to how much has been borrowed:
a. in one particular year. b. over time. c. against Social Security. d. to pay interest on loans.
The employment effect of a minimum wage increase is greater the
a. more elastic the demand for labor. b. less elastic the demand for labor. c. more the wage ceiling shifts the supply curve. d. more the wage floor shifts the demand curve.
Firms in an economy with high labor costs have an incentive to use more ________ techniques.
A. capital-intensive B. labor-intensive C. labor-dependent D. capital-saving
Negative output gap indicates that
A) the actual real GDP is above natural real GDP. B) the actual real GDP is below natural real GDP. C) nominal GDP is above real GDP. D) nominal GDP is below real GDP.