Even though the number of workers in manufacturing has increased in the post-war world (since 1947), the proportion of manufacturing workers in the total labor force has declined
Indicate whether the statement is true or false
True
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If the interest rate is 20 percent, the present value of $10,000 to be received 20 years from today is about
A) $6,944. B) $14,400. C) $383,376. D) $261.
Say's law states that
A) supply creates its own demand. B) supply and demand are never equal. C) demand may be greater than supply. D) supply will usually be greater than demand.
Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:
a. P = $13.50 b. P = $26.50 c. P = $27.50 d. P = $34.50 e. P = $56.22
Politics enters into the determination of economic policy in a positive way because:
A. political decisions do not always reflect the will of society. B. it does not take market failures or failures of market outcome into account when formulating policy. C. political decisions always reflect the will of society. D. it takes market failures and failures of market outcome into account in formulating policy.