Related to the Economics in Practice on p. 36: In all societies, resources are limited relative to people's demands, and there are ________ trade-offs individuals face in rich countries versus poor countries.
A. more important
B. large differences in the kinds of
C. fewer
D. virtually no differences in the types of
Answer: B
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Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.
A. increase; increase B. decrease; not change C. increase; decrease D. decrease; decrease
Two goods that are complementary are:
a. wrapping paper and scotch tape. b. letter and fax. c. beef and chicken. d. bicycle and motorcycle. e. Coke and Pepsi.
To move along a production possibilities curve from one point to another requires additional resources
Indicate whether the statement is true or false
After Jason lost his job five years ago, he could not find another job. Unable to provide for his family, Jason suffered from severe stress-related diseases. Jason's unemployment resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion