Which of the following percentages is closest to the long-run average growth rate for the U.S.?
a. 15 percent.
b. 10 percent.
c. 5 percent
d. 3 percent.
d
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Investment is an economic term for the act of increasing the stock of money available for business loans
a. True b. False Indicate whether the statement is true or false
The Personal Responsibility and Work Opportunity Act of 1996 ended the federal guarantee of cash assistance for ______________.
Fill in the blank(s) with the appropriate word(s).
In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
A. division of labor B. interconnected economy C. task economy D. modern economy
What is TRUE of the price elasticity of demand faced by a monopoly firm?
A. Demand is perfectly elastic because the monopolist has no competition. B. Demand is more elastic at lower prices and more inelastic at higher prices. C. Demand is inelastic. D. Demand becomes more elastic as the range of imperfect substitutes expands.