A graph of the data points in the supply schedule creates which of the following?
(A) A supply curve.
(B) A demand curve.
(C) The supply of goods available.
(D) The quantity of goods demanded.
Ans: (A) A supply curve.
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In 1910, 8.6 percent of American 17-year olds were high school graduates. By 1938, this figure _____
a. had fallen to 5 percent. b. equaled 15 percent. c. had risen to nearly 50 percent. d. had not changed appreciably.
An external market
A) should always replace internal markets. B) have problems that internal markets do not. C) should be used to discipline the internal market. D) fewer economies of scope.
Which of the following statements is true?
a. Productivity is calculated as hours worked divided by output produced. b. Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers. c. Both A and B are correct. d. None of the above are correct.
A decrease in the price of a good makes it more difficult for producers to ______.
a. discipline workers that produce the good b. cover the cost of producing the good c. find the materials needed to produce the good d. lobby for producing more goods