The Latin term "ceteris paribus" means:
A. that if event A precedes event B, A has caused B.
B. that economics deals with facts, not values.
C. other things equal.
D. prosperity inevitably follows recession.
Answer: C
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The natural unemployment rate is higher if
A) many of the new jobs created require skills possessed by the available labor. B) there are fewer two-income households. C) unemployment benefits become more generous. D) efficiency wages are lower. E) there is a decrease in the working-age population.
State enforcement of OSHA requirements appears to have been more effective than federal enforcement
Indicate whether the statement is true or false
The circular flow of economic activity is a model of the:
a. role of unions and government in the economy. b. influence of government on business behavior. c. flow of goods, resources, payments, and expenditures between the sectors of the economy. d. influence of business on consumers.
As demand for phone apps increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of phone apps. B) a decrease in the supply of phone apps. C) more phone apps to be produced. D) an excess number of phone apps in the market.