Economics examines the options open to households, business firms, governments, and entire societies by the limited resources at their command.
Answer the following statement true (T) or false (F)
True
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The belief that wages are "sticky downwards" was held by:
A. Keynes, but not the classical macroeconomic theorists. B. neither Keynes nor the classical macroeconomic theorists. C. the classical macroeconomic theorists, but not Keynes. D. both Keynes and the classical macroeconomic theorists.
What is rent seeking? How does rent seeking affect the deadweight loss from monopoly?
What will be an ideal response?
Craft unions attempt to increase wages in their profession by
a. increasing labor demand b. decreasing labor demand c. decreasing labor supply d. increasing labor supply e. exclusive dealing contracts
Why isn't it correct to say that people who are risk averse avoid risk?
What will be an ideal response?