The word economics is derived from the Greek word Oeconomicus, which refers to the management of ______.
a. household affairs
b. money
c. resources
d. political affairs
a. household affairs
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The long-run Phillips curve is downward-sloping
a. True b. False
Use the information in the table below to identify the type of cross elasticity relationship between products X and Y in each of the following five cases, A to E
Which of the following statements about absolute and comparative advantage is not true? A country may have:
A. neither absolute nor comparative advantage in the production of any goods. B. an absolute advantage but not a comparative advantage in the production of a good C. the absolute advantage in the production of all goods. D. a comparative advantage but not an absolute advantage in the production of a good.
If the cost per unit of output for a particular product is $10 and the product sells for $20, what is the percentage markup over cost per unit?
a. 200 percent b. 10 percent c. 100 percent d. 20 percent e. 50 percent