Economic growth ________
A) is driven by different elements in different economies
B) is driven primarily by digital technology
C) is driven primarily by labor growth
D) cannot be explained using economic models
A
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Goods that are very useful and highly desired are likely to be relatively expensive, no matter how scarce or abundant they are
Indicate whether the statement is true or false
The discount rate refers to the interest rate on
A) primary credit. B) secondary credit. C) seasonal credit. D) federal funds.
Economists consider cyclical unemployment to be the byproduct of a healthy economy
a. True b. False Indicate whether the statement is true or false
Spyros owns a pancake restaurant. For years, customers have had two pricing options: two pancakes for $6.00 or three pancakes for $8.00. Both pricing options sell equally well. Spyros wants to add an option to order four pancakes to the menu. Using your knowledge of diminishing marginal return, what price would you recommend he set for four pancakes in order to maximize the number of pancakes he sells? Explain how you arrived at your answer.
What will be an ideal response?