The relative decline in goods production compared to services produced means that we're producing fewer goods than in earlier decades.
Answer the following statement true (T) or false (F)
False
Not necessarily: the actual production can go up while the relative share of production declines.
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Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk,
A) the quantity supplied of milk exceeds the quantity demanded. B) the quantity supplied of milk falls short of the quantity demanded. C) the supply increases. D) the market will not be affected. E) there will be a shortage of milk.
Trade war occurs when, after a tariff is imposed, other countries retaliate with their own tariff
Indicate whether the statement is true or false
Refer to Figure 17-1. If the wage rate is $40, how many workers should Dale hire?
A) 6 B) 5 C) 4 D) 3
Refer to Table 11-8. Elegant Settings experiences
A) increasing returns beyond an output level of 400. B) economies of scale up to an output level of 400. C) diminishing returns up to an output level of 400. D) economies of scale at an output of 300 or less and diseconomies of scale at an output level above 400.