When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange.
Answer the following statement true (T) or false (F)
True
Economics
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Increases in the productivity of labor result partly from
A. increases in the quantity of labor. B. improvements in technology. C. the law of diminishing returns. D. reductions in wage rates.
Economics
Cost-push inflation is due to:
a. labor cost increases. b. energy cost increases. c. raw material cost increases. d. all of these.
Economics
"Private property" means
What will be an ideal response?
Economics
Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?
A) absolute poverty B) relative poverty C) both absolute and relative poverty D) Neither absolute nor relative poverty can be eliminated.
Economics