A shortage tends to put ________ pressure on the price of the product, which ________ the quantity supplied
A) upward; increases
B) upward; decreases
C) downward; increases
D) downward; decreases
A
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From the beginning of the Great Recession in December 2007 until September 2013, the average duration of unemployment in the United States averaged
A) 13.5 weeks. B) 22 weeks. C) 31.3 weeks. D) 41 weeks.
With respect to business types, what does the term 'limited liability' mean?
What will be an ideal response?
Economics is different from a "hard" science like physics because: a. economists abstract from reality in creating their theories
b. economics is easier to study than physics. c. economists must explain their theories to policy makers who lack formal mathematical training. d. economists cannot easily control all the variables that might influence human behavior.
From the Industrial Revolution to the present, innovation has played a major role in the growth of output. What do the leading analysts of economic growth argue were some of the most significant innovations of this period?