In a centrally planned economy, the government decides how economic resources will be allocated
Indicate whether the statement is true or false
TRUE
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When firms increase capital stock, the productivity of their workers increases
Indicate whether the statement is true or false
Refer to Figure 17-4. Which of the following is true if the wage rate increases from W1 to W2?
A) The substitution effect becomes larger than the income effect. B) The income effect becomes larger than the substitution effect. C) The supply curve is unit elastic. D) The income effect and the substitution effect are equal.
Which of the following best describes a flow rather than a stock? a. You own $5,000 worth of government bonds. b. You own a $100,000 house
c. You own a coin collection valued at $10,000. d. You earn $500 per week. e. You own a $45,000 automobile.
Rent-seeking behavior is limited to those industries that lobby for government help in preserving monopoly powers.
Answer the following statement true (T) or false (F)