Which of the equilibrium points on the leisure-income graph below has a wage rate of $4 per hour? 
A. c
B. b
C. d
D. a
Answer: A
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Indicators of economic activity that move at the same time as the overall economy are called ________ indicators.
A. short-term B. real C. long-term D. coincident
In case of the textile industries of England in 1811, the invention of new technology that allowed workers to complete tasks in minutes that had previously taken hours, resulted in a(n):
A) increase in the demand for labor in the textile industries. B) increase in the quantity demanded of labor in the textile industries. C) decrease in the demand for labor in the textile industries. D) decrease in the quantity demanded of labor in the textile industries.
A change in the growth rate of a country of one percentage point annually has
A) a large impact on the economy in the current year, but not in the future. B) a large impact in the future due to compounding. C) a small impact in the current year, and smaller impact in the future because of compounding. D) very little impact on the economy of a country.
What is meant by the tragedy of the commons? Use an example to explain your answer
What will be an ideal response?