Market economies rely on which of the following to allocate scarce resources?
a. government
b. consumers
c. relative prices
d. real interest rates
c
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For a worker to be potentially available, he or she must
A) know about the jobs available at a particular firm. B) be in the relevant geographic market and be willing to work for minimum wage. C) have most of the skills required by the firm only. D) have the skills required by the firm and be in the relevant geographic market.
If firms increase investment, the aggregate expenditures function will shift upward, other things being equal
a. True b. False Indicate whether the statement is true or false
A production point is economically efficient as long as it lies within the production possibilities set
Indicate whether the statement is true or false
When natural resources are commonly owned, the exhaustion of these resources are evenly spread over current and future periods
a. True b. False Indicate whether the statement is true or false