____ of the price drops it has recorded happened on Tuesday and ___ on Wednesday.
Fill in the blank(s) with the appropriate word(s).
Ans: 21%, 19%
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Increasing returns to scale in production means
A) more than 10% as much of all inputs are required to increase output 10%. B) less than twice as much of all inputs are required to double output. C) more than twice as much of only one input is required to double output. D) isoquants must be linear.
Economic resources are
A) all the items that people would purchase if they had limited wants. B) all the unlimited items that people would purchase with limited income. C) items of value that are used to make other things that satisfy people's wants. D) the total planned expenditures throughout the nation.
Which of the following is a normative statement?
a. The U.S. rate of unemployment was lower in 2004 than it was in 1994. b. Savings accounts earn interest, whereas checking accounts do not. c. Congress must recognize that the growing national debt is the most serious problem that the country faces. d. The unemployment rate increases when the percentage of the labor force without jobs increases. e. The unemployment rate among teenagers is higher than the rate among adults.
Using the expenditure approach, "gross private domestic investment" is the sum of:
a. newly produced capital goods. b. fixed investment. c. changes in business inventories. d. all of these.