The EEC currently includes all of the following countries except
a. Greece
b. Britain
c. Iceland
d. Russia
e. Belgium
D
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The scarcity of physical resources is far more fundamental to the study of economics than the scarcity of funds.
Answer the following statement true (T) or false (F)
A firm's labor demand curve is also its marginal revenue product curve. For both the perfectly competitive firm and the output price maker, the labor demand curve slopes downwards
However, there is a difference in the reasons why the labor demand curve slopes downwards. What is this difference?
The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. The opportunity cost of each additional tank in terms of autos:
A. remains constant. B. increases as more tanks are produced. C. falls as more tanks are produced. D. cannot be measured because there is no currency.
Which of the following was not one of the likely causes of the productivity problem of the 1970s?
A. an increase in research and development spending B. a reduction in government regulation C. rapid growth in investment spending D. all of the above