Which of the following is an accurate statement about economics?
a. It helps us understand the consequences of our choices.
b. It tells us when to choose.
c. It tells us how to choose.
d. It is an objective guide of what to choose.
a. It helps us understand the consequences of our choices.
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If not recycled, an input used in production ultimately winds up as a waste product.
Answer the following statement true (T) or false (F)
Suppose the economy in the diagram below is in long-run equilibrium. If government spending decreases and causes a movement from point A to point B in the diagram below, what are the short-run effects? Explain fully
What will be an ideal response?
Because the productivity of labor decreases as the quantity of labor employed increases
A) the quantity of labor a firm demands increases as the real wage rate decreases. B) the quantity of labor a firm demands increases as the money wage rate decreases. C) the labor demand curve shifts right as the real wage rate decreases. D) the aggregate production function shifts upward as the real wage rate decreases.
In the second half of the twentieth century, the U.S. inflation rate was at its highest in the period from
A) 1960 to the early 1970s. B) the mid-1970s to the early 1980s. C) the mid-1980s to the early 1990s. D) 1990-2000.