Retired persons travel by bus and automobile more frequently than do business executives, who more commonly use air travel. An economic explanation for this would be that
a. business executives have more time to travel.
b. it is more important for retired persons to save time.
c. business executives value their time more highly.
d. retired persons have more money than do business executives.
C
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Refer to the above figure. Suppose the economy is at E originally, when the dollar increases in value. Which aggregate supply curve applies if the value of real GDP increases?
A) 1 B) 2 C) 4 D) 5
Economists classify energy and water as part of which factor of production?
A) land B) labor C) capital D) entrepreneurship E) land if undeveloped and capital if developed
Open-hearth technology quickly replaced the Bessemer converter in the steel industry. This is an example of Schumpeter's creative destruction process
Indicate whether the statement is true or false
Which of the following is TRUE of unemployment?
A) It is defined as the number of people actively looking for work who do not have jobs. B) The result is that the economy operates inside its production possibilities curve. C) There are psychological consequences associated with unemployment. D) All of the above.