According to the life-cycle theory of consumption, people tend to consume ________ they earn during their main working years.
A. an amount unrelated to what
B. less than
C. the same as
D. more than
Answer: B
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If the production of ukuleles creates a negative externality that is not corrected for by the government, the equilibrium quantity of ukuleles is
A) higher than optimal. B) lower than optimal. C) efficient. D) at a optimal level.
Competition promotes the _____ ---- of resources and provides the _____ for innovative improvements
Fill in the blank(s) with the appropriate word(s).
Assume that this graph illustrates a perfectly competitive labor market.
In this market, at a wage of $40:
A. approximately 175 worker hours would be hired. B. the market would be in equilibrium. C. firms would not be able to find enough workers to fill all their positions. D. more people would want to work than number of job openings.
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.