In the U.S. economy, services account for over half of all consumer expenditures.
Answer the following statement true (T) or false (F)
True
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The knowledge and skills people accumulate through experience, education, and training is called
A) physical capital. B) human capital. C) economic investment. D) spillover benefits.
What can we do to deal with the externalities associated with public goods and common resources?
a) Private markets will lead to an efficient allocation of resources. b) Government intervention can potentially raise economic well-being. c) Private markets will correct for the gain or loss to consumer surplus. d) Government intervention can completely eliminate the free-rider problem.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
Taxi medallions were issued in New York City to:
A. increase the wages of taxi drivers. B. help new immigrants find jobs. C. raise revenue for the city. D. help commuters afford transportation.