In economics, resources are also known as
A. factories.
B. human capital.
C. factors of production.
D. minerals.
Answer: C
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Okun's law states that for every 1-percentage-point increase in the cyclical unemployment rate, real GDP growth
A) must increase by 1 percentage point for the economy to keep from experiencing a recession. B) decreases by about 2 percentage points. C) declines for 1 year. D) increases by 1 percentage point.
As the purchasing power of wealth increases, saving decreases
Indicate whether the statement is true or false
During World War II, price supports for agriculture:
a. were not generally needed because of high demand. b. were considered by Congress but never enacted. c. were rescinded in order to encourage reductions in output. d. led to decreases in the supply of many products.
How do you explain why income inequality in the United States has been increasing? a. New technologies raise the MRP of educated workers, while having no (or a much smaller effect) on the MRP of uneducated workers
b. The MRP of rich workers increases more slowly than the MRP of poor workers. c. The labor supply of poor workers shifts to the left, while the labor supply of rich workers shifts to the right. d. Many talented U.S. workers, earning high incomes, are lured away by firms located in other countries that are paying considerably higher wage rates. e. Minimum wage laws have raised the minimum wage rates.