If someone who was working full time is now only working part time, this change in status will cause the unemployment rate to
A) increase.
B) decrease.
C) remain unchanged.
D) It depends on how many hours this person is now working each week.
C
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Bus rides and canned soup are inferior goods, so the ________ elasticity of demand is ________
A) cross; positive B) income; positive C) income; negative D) cross; negative
Time inconsistency refers to a situation where:
A. we change our minds about what we want in response to gaining complete information. B. we change our minds about what we want simply because of the timing of the decision. C. we typically choose the same thing, regardless of when the decision is being made. D. None of these statements is true.
If a nation wants to get the most out of its resources, each productive assignment should be carried out by those persons who
A) least enjoy performing the productive activity. B) can complete the productive activity most rapidly. C) have a comparative advantage in the productive activity. D) have the highest opportunity cost.
Most of the technological advances in U.S. agriculture are initiated by the following, except:
A. Government-sponsored agencies B. Farmers C. Colleges and universities D. Suppliers of farm inputs