Which of the following groups of people is included in the labor force of a country?
A) Part-time paid workers B) Retirees
C) Disabled workers who can no longer work D) Adults who are full-time students
A
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Marginal utility has a negative slope. This is because of the
a. optimal purchase rule. b. law of increasing costs. c. law of diminishing marginal utility. d. marginal rate of substitution.
A person observes that consumer prices often fall when a nation experiences economic growth. The person then concludes that falling consumer prices leads to economic growth. This would be an example of:
A. The fallacy of composition B. Biases C. Confusing correlation and causation D. The use of loaded terminology
If the price of hotdogs increases by 10 percent and the quantity supplied by meat packing companies increases by 15 percent, what is the price elasticity of supply?
A) 1.65 B) 1.20 C) 0.67 D) 1.50
Consider an open economy that is a net borrower (like the United States). What would be the impact of a shift to a closed economy?
A) domestic interest rates would decline B) domestic savings would decline C) domestic investment would decline D) net borrowing would increase