The majority of the income earned in the United States is paid in
A) wages. B) rent. C) profit. D) dividends. E) interest.
A
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The price elasticity of demand for pleasure travel (-1.9 ) and business travel (-0.8 ) suggests that air travel for pleasure is a luxury and air travel for business is a necessity
Indicate whether the statement is true or false
Needs and wants are different. Wants are things that are:
a. Crucial, have to have b. Desired, but not necessary for survival c. Economic only d. Important for getting ahead
In an economic model, assumptions
A) must be applicable to all real-world situations. B) must be eliminated before being used to make sure the model is realistic. C) are not important in determining the usefulness of the model. D) define the set of circumstances in which the model is most likely to be applicable in the real world.
Outsourcing is a term increasingly used to refer to the act of:
A. hiring illegal immigrants. B. replacing relatively expensive American workers with low-wage workers overseas. C. importing raw materials into the United States from other countries. D. exporting final goods to other countries.