Studies by economists have found that a 10 percent increase in the minimum wage decreases teenage employment 10 percent
a. True
b. False
Indicate whether the statement is true or false
False
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Which statement is true regarding a market in equilibrium
a. There is a shortage of the good. b. There is a surplus of the good. c. Neither demanders or suppliers are satisfied. d. Both demanders and suppliers are satisfied.
Answer the following statement(s) true (T) or false (F)
1. In the Circular Flow Model, money flows are disregarded. 2. Within the Circular Flow Model, households are assumed to be the owners of all factors of production, including the natural resources. 3. Residuals are by-products, or pollution, left in the environment after a technological or natural process as occurred. 4. The discipline concerned with the resource flow from economic activity back to nature is known as natural resource economics. 5. According to the first law of thermodynamics, matter and energy can be destroyed but not created.
At macroeconomic equilibrium,
a. total investment equals total inventories. b. total spending equals total production. c. total consumption equals total production. d. total taxes equal total transfers.
Scarcity exists because:
A. new wants continue to develop and willingness to meet them is limited. B. the supply of goods is always less than the demand. C. individuals cannot solve the three central coordination problems. D. governments cannot solve the three central coordination problems.