The law of demand ensures that a demand curve has a positive slope.
Answer the following statement true (T) or false (F)
False
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One reason that U.S. exports of commercial services have increased steadily over the past 25 years is that
A) European and Asian nations have shown little interest in developing their own commercial services sectors. B) the United States has made significant investments in new information technologies. C) the U.S. government owns and operates most of the economy's service sector. D) the U.S. economy operates like one big corporation.
Suppose losses cause industry Z to contract, and as a result, the prices of inputs used intensively in the industry's production process fall. We know, as a result, that industry Z is: a. an increasing cost industry
b. a constant cost industry. c. a decreasing cost industry. d. experiencing diminishing returns.
The unemployment rate is lowest for what group?
a. All groups have the same unemployment rate. b. People who are between 16 and 19 years of age c. People who are 55 and older years of age d. People who are between 24 and 54 years of age
Efficiency is illustrated by
a. both the production possibilities frontier and the circular-flow diagram. b. neither the production possibilities frontier nor the circular-flow diagram. c. the production possibilities frontier only. d. the circular-flow diagram only.