Which of the following is a form of outsourcing?
A) changing your own oil
B) washing your clothes
C) getting your fruits and vegetables from the farmers' market
D) studying for your economics exam
C
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A shift in the demand curve will occur when
A. suppliers place more goods on the market. B. the price of a good rises. C. consumers want to buy more or less than before at a given price. D. the price of the good falls.
Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be
A) $0. B) $14. C) $26. D) $53.
Jelena lives in a poor country with very little capital. In contrast, Alejandro’s country is rich and has a lot of capital. The law of diminishing marginal returns to capital means that, to boost economic growth by 1 percentage point in both countries, ______.
a. Jelena’s country will need to add many more units of capital than Alejandro’s will need to b. both countries will need to add the same amount of capital c. Alejandro’s country will need to add many more units of capital than Jelena’s will need to d. Alejandro’s country will need to invest a significant amount of capital in Jelena’s country
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.