Which of the following would most likely cause Graph B to shift to the right?
a. a decline in a country's poverty level
b. an increase in a country’s minimum wage
c. a country’s standard of living increasing
d. a country going through an economic depression
d. a country going through an economic depression
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Which term measures production well and indicates when a country is materially better or worse off in terms of jobs and incomes?
a. GDP b. Standard of living c. GDP per capita d. Nominal GDP
Economic rent refers to profit derived from owning real estate.
Answer the following statement true (T) or false (F)
Socialism is an economic system characterized by:
A. private ownership of resources and market decision-making. B. government ownership of resources and centralized decision-making. C. cooperation, sharing, and little central government. D. a complex structure of rules and traditions that dictates decision-making.
Sugar and coffee are complements. When the price of coffee decreases, the demand for sugar
A) will fall. B) remains constant. C) will shift outward. D) will shift inward.