Which of the following has a production process that would be considered labor intensive?
A. T-shirt production
B. Road construction.
C. Farming in a rich country
D. Hairstyling services
Answer: D
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The main reason why the short-run aggregate supply curve slopes upward is that as the average price level increases, larger scales of production become more profitable
a. True b. False Indicate whether the statement is true or false
In order to identify differences in preferences among various countries, one would look for evidence that
a. indifference curves from different countries cross.
b. prices for goods differ among countries.
c. different market baskets are chosen among different nationalities.
d. higher income countries choose baskets with more of all goods.
The real exchange rate is equal to the ________
A) nominal rate of exchange plus the domestic level of prices B) the nominal exchange rate minus the relevant foreign price level C) nominal exchange rate divided by the domestic plus foreign price levels D) nominal exchange rate times the domestic price level divided by the foreign price level
The method of financing the Social Security system until 1983 is best described as
a. trust fund. b. excise tax. c. indirect tax. d. "pay as you go."