Plato and Aristotle both believed that an uneven distribution of income
a. is desirable since it encourages people to work
b. creates natural class distinctions
c. results in higher rates of economic growth
d. leads to political discontent
e. is acceptable as long as no one ends up in poverty
D
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Real GDP fluctuates from year to year but is always below potential GDP
Indicate whether the statement is true or false
In intra-industry trade, the level of worker productivity is determined by
a. how firms engage in specific learning about specialized products, including taking advantage of economies of scale. b. how firms take advantage of climate or geography. c. how firms take advantage of the general level of education or skill. d. how firms take advantage of technological advances.
According to the law of demand, a demand curve:
a) Is downward sloping. b) Is upward sloping. c) Can slope either upward or downward based on consumer behavior. d) Is a horizontal, or flat, line.
Suppose you buy a new Tesla Model S. The battery that comes with the car is a(n)
A. final good. B. intermediate good. C. financial good. D. transfer good.