Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?
production of additional goods and services that people value highly relative to the cost of their production
You might also like to view...
In the above figure, the movement from point a to point b reflects
A) a decrease in the price of pizza. B) an increase in the demand for pizza. C) an increase in the number of people who eat pizza. D) an increase in the price of the tomato sauce used to produce pizza. E) a decrease in the number of firms producing pizza.
The above table shows the short-run total product schedule for the campus book store. When the book store hires the 3rd employee
A) the bookstore is still experiencing increasing marginal returns. B) the book store has already begun to experience diminishing marginal returns, but average product is still rising. C) both marginal and average product have already begun to decline. D) marginal product is at its maximum.
If the public expects the incumbent administration to stimulate the economy shortly before an election:
a. the unemployment rate will fall at the cost of higher inflation. b. the economy will move up the short-run Phillips curve. c. lower inflation will prevail, and the rate of unemployment will remain unchanged. d. the economy will immediately move up the long-run Phillips curve. e. neither inflation nor the unemployment rate will change.
Suppose Canadian winemakers convince the federal government to issue a directive to serve only
domestically produced wine at government functions This would be an example of: A) the principal-agent problem. B) moral hazard. C)rent'-seeking behavior. D) logrolling.