Which of the following is not a basic freedom guaranteed by the U.S. Constitution?
A) freedom of religion
B) freedom to trade
C) freedom of the press
D) freedom of speech
B) freedom to trade
B) freedom to trade
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Refer to Figure 2-8. Suppose Vidalia is currently producing 20 dozen orchids per period. How many roses is it also producing, assuming that resources are fully utilized?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
If the minimum wage were currently above the equilibrium wage, then a decrease in the minimum wage that kept it above the equilibrium wage would
a. increase the surplus of labor. b. reduce the surplus of labor. c. increase the shortage of labor. d. reduce the shortage of labor,
When real GDP is in equilibrium there will be no tendency for real GDP to _____ or _____.
Fill in the blank(s) with the appropriate word(s).
The principle of opportunity cost:
A. is more relevant for firms than for individuals. B. only refers to monetary payments. C. is only relevant in economics. D. is applicable to all decision-making.