The way that economists explain it, the worker is a ________ in the________ market.
A. buyer; job
B. seller; labor
C. buyer; labor
D. seller; job
Answer: B
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Last year, 1,000 cases of cough syrup were sold at $10; this year, 1,200 cases were sold at $12. The most probable interpretation of these data is that the
A. supply and demand curves are shifting to the right. B. supply and demand curves are shifting to the left. C. supply curve has shifted to the left, with no change in demand. D. demand curve has shifted to the right, with no change in supply.
Using prices from 2012, GDP grew 10 percent between 2012 and 2013; using prices from 2013, GDP grew 8 percent between 2012 and 2013
For its link back to the base year, the BEA will use ________ percent as the growth in real GDP between 2012 and 2013. A) 10 B) 2 C) 18 D) 9 E) 8
It is possible for the balance of trade to be negative, and the current account to be positive
a. True b. False Indicate whether the statement is true or false
The fundamental goal of economics is to
a. allow everyone to have five yachts and two automobiles. b. redistribute income and eliminate poverty. c. reduce unemployment so that lower welfare payments are necessary. d. learn to cope with the scarcity of virtually all resources.