A centrally planned economy has a planning authority that decides
A) how the products are produced. B) who receives the products.
C) what products to produce. D) all of the above.
D
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Customer service representatives who have lost their jobs as a result of call centers being outsourced to India are an example of
A) structural unemployment. B) voluntary unemployment. C) frictional unemployment. D) cyclical unemployment.
Structural change influences the unemployment rate and such structural change is created by changes in
A) real GDP. B) technology. C) the minimum wage. D) population. E) the seasons.
Suppose the current price of a pound of steak is $6 per pound and the equilibrium price is $9 per pound. What takes place?
A) There is a shortage, so the price rises and quantity demanded increases. B) There is a shortage, so the price falls and quantity demanded increases. C) There is a surplus, so the price falls and quantity demanded increases. D) There is a shortage, so the price falls and quantity demanded decreases. E) There is a shortage, so the price rises and quantity demanded decreases.
According to the text, what economic principle justifies the high salaries of some Professional athletes?
What will be an ideal response?