One of the two reasons why we are driven to buy and sell goods and services in the market is that most of us are incapable of producing everything we want to consume.
Answer the following statement true (T) or false (F)
True
Individuals have an absolute inability to produce all the things we need and desire.
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A country's leadership believes that the neoclassical growth theory is correct. The country already has the necessary preconditions for growth, so suggest policy changes the government might enact to help speed economic growth
What will be an ideal response?
If your labor supply increases when you get a raise, which of the following is TRUE?
A) Your substitution effect is greater than your income effect. B) Your substitution effect is less than your income effect. C) Your substitution effect equals your income effect. D) None of the above answers is correct.
A major difference between tax systems in developing and developed country is that
a. developing countries rely on direct taxes, and developed countries rely on indirect taxes b. developing countries rely on indirect taxes and developed countries rely on direct taxes c. developing countries rely on domestic taxes and developed countries rely on taxes on foreign trade d. developing countries rely on ‘forced saving' and developed countries tax saving directly e. there are no significant differences
The majority of American workers are employed in the service sector of the economy
a. True b. False Indicate whether the statement is true or false