The study of how society manages its scarce resources is most closely associated with which field of study?
a. environmental studies
b. economics
c. management
d. accounting
b
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Refer to the figure above. When the demand curve for gas is D2 and the supply curve of gas is S, the equilibrium quantity is:
A) 50 gallons. B) 70 gallons. C) 20 gallons. D) 40 gallons.
In its macroeconomic equilibrium, the economy can be producing at
i. below full employment. ii. full employment. iii. above full employment. A) i only B) ii only C) iii only D) i or ii E) i, ii, or iii
In determining the exchange rate between the Canadian dollar and British pound, if Canadian income increases, then
a. the demand for pounds will increase, leading to depreciation of the Canadian dollar, assuming exchange rates are allowed to float b. the demand for pounds will increase, leading to depreciation of the Canadian dollar, assuming exchange rates are fixed c. the demand for pounds will increase, leading to appreciation of the Canadian dollar, assuming exchange rates are allowed to float d. the demand for pounds will increase, leading to appreciation of the Canadian dollar, assuming exchange rates are fixed e. the supply of pounds will shift to the left, causing appreciation of the Canadian dollar, assuming exchange rates are fixed
According to the neoclassical theory of distribution, the wages paid to workers depend on the
a. supply of labor. b. demand for labor. c. marginal productivity of labor. d. All of the above are correct.