From the mid-1960s to the present, what would a graph of U.S. productivity rates against time reveal?
(a) A stable upward trend in the amount of output per paid hour
(b) An unstable but upward trend
(c) A U-shape
(d) A downward trend
(c)
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The more broadly a good is defined,
a. the more substitutes it has so the more elastic is its demand b. the fewer substitutes it has so the more elastic is its demand c. the more substitutes it has so the less elastic is its demand d. the fewer substitutes it has so the less elastic is its demand e. the more complements it has so the more elastic is its demand
With voluntary exchange,
a. both the buyer and seller will be made better off. b. the buyer will be made better off, while the seller will be made worse off. c. the seller will be made better off, while the buyer will be made worse off. d. both the buyer and the seller will be made worse off.
Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality."
B) economic development."
C) police and prisons."
D) supply and demand."
E) the private pursuit of private interests."
Goods and services that are used up in the production of other goods and services are called ________ goods and services.
A. value added B. final C. nominal D. intermediate