People who are more productive in market work
a. produce less for themselves
b. spend more time engaged in nonmarket work
c. work fewer hours in market work and enjoy more leisure
d. are more likely to acquire skills and education through nonmarket work
e. are attracted to market employment at lower wages
A
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A flexible exchange rate is also referred to as a(n):
A) open market exchange rate. B) liquid exchange rate. C) nominal exchange rate. D) floating exchange rate.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns
A) end when the fourth worker is hired. B) occur at all levels of employment. C) occur as long as output increases. D) end when the second worker is hired. E) never occur.
Economists first began studying the relationship between changes in aggregate expenditures and changes in GDP
A) at the end of the Civil War. B) during the Great Depression. C) during the Industrial Revolution. D) in the 1950s.
Related to the Economics in Practice on p. 52: It would most likely be ________ if a particular day's weather influenced the purchase of a durable good such as an automobile.
A. impossible B. a surprise C. expected D. normal behavior