Markets are primarily responsible for the rapid rise in productivity during the 20th century.
Answer the following statement true (T) or false (F)
True
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In the figure above, the demand curve shifts rightward from D0 to D1 so that D1 is the relevant demand curve. Suppose the government imposes a rent ceiling of $300 per month. In the short run there will be
A) a shortage of 500,000 apartments. B) a shortage of 400,000 apartments. C) a shortage of 200,000 apartments. D) no shortage nor a surplus of apartments.
Price ceilings set below the equilibrium price cause
A) shortages. B) surpluses. C) a new market equilibrium. D) a greater number of exchanges.
On holiday weekends thousands of people picnic in state parks. Some picnic areas become so overcrowded the benefit or value of picnicking diminishes to zero. An overcrowded picnic area is an example of
a. a private good. b. a club good. c. a Tragedy of the Commons. d. public good.
Which of the following is not a variable in the index of leading indicators?
A. average work week B. duration of unemployment C. unemployment claims D. new building permits