Wealth equals:
A. assets minus liabilities.
B. investment minus saving.
C. current income minus spending on current needs.
D. saving minus investment.
Answer: A
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The existence of a union
A) has no effect on labor supply and demand. B) affects labor supply only. C) affects labor demand only. D) can affect both labor supply and labor demand.
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. Which of the following is true?
A) If the price of pecans is $3 producers will sell 12,000 pounds of pecans but this output will be economically inefficient. B) If the price of pecans is $9 consumers will purchase more than the economically efficient output. C) Both 4,000 pounds and 12,000 pounds are economically inefficient rates of output. D) If the price of pecans is $3 the output will be economically efficient but there will be a deadweight loss.
Workers displaced due to technological change usually find it difficult to get new jobs
a. True b. False Indicate whether the statement is true or false
Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. If this student does not study at all, how much income can they earn?
a.
$0
b.
$40
c.
$80
d.
$100
e.
$120