Which statement is true?
A. Mass production can take place without mass consumption.
B. Mass consumption can take place without mass production.
C. Mass production can take place without mass consumption and mass consumption can take place without mass production.
D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.
D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.
You might also like to view...
Some economists say that "full employment" exists in an economy when:
a. cyclical unemployment is 2 percent. b. cyclical unemployment is 4 to 6 percent. c. frictional unemployment is zero. d. the unemployment rate is 4 to 7 percent. e. the natural unemployment rate is zero.
Which of the following is true?
a. If the Fed wants to increase the money supply, it should increase the interest rate it pays banks on their excess reserves. b. When the Fed reduces the interest rate paid on excess reserves, it increases the incentive of commercial banks to hold excess reserves. c. If the Fed wants to reduce the future growth rate of the money supply, it could do so by increasing the interest rate it pays banks on excess reserves. d. When the Fed increases the interest rate it pays on excess reserves, this encourages banks to extend more loans and thereby increase the money supply.
Which of the following is true?
A. A nation cannot have a comparative advantage in the production of every good. B. A nation cannot have an absolute advantage in the production of every good. C. A nation can have a comparative advantage in the production of every good, but not an absolute advantage. D. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage.
Answer the following statement(s) true (T) or false (F)
1. A business owner who begins reducing his office hours once the firm is highly profitable illustrates the income effect. 2. When wages are above the equilibrium level, demand will exceed the quantity of labor supplied. 3. When the established wage is above the equilibrium level, unemployed workers are willing to accept a lower wage in order to get jobs. 4. When productivity rises, the labor demand curve shifts to the right. 5. Efficiency-increasing technology will move the labor demand curve to the left.