The United States has the largest economy in the world because
a. it has the most land to work with.
b. it has a large population.
c. American workers are very productive.
d. both b and c are correct.
d
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Involuntary unemployment
A) will increase as the wage rate falls. B) exists when there is an excess quantity of labor supplied. C) occurs when the wage rate is below the equilibrium wage rate. D) exists when there is a shortage of labor.
A key assumption of most economic analysis is that people are altruistic, meaning that they act in their own self-interest
Indicate whether the statement is true or false
In the above table, if the price of labor is $10 per hour and the price of capital is $20 per unit, what is the total cost of Technique W?
A) $80,000 B) $200,000 C) $280,000 D) $360,000
The social interest theory of regulation predicts that the political process will seek to minimize
A) producer surplus. B) consumer surplus. C) total surplus. D) deadweight loss.