If the average price level falls, the real value of wealth also falls
a. True
b. False
Indicate whether the statement is true or false
False
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Compare the scale of agricultural production in the advanced and devel-oping economies. In which is the percentage higher? In which is the total amount produced greater?
What will be an ideal response?
Henry Ford is most recognized for:
a. inventing new technology to further the steel production process. b. developing the first investment banks. c. implementing the first progressive, moving assembly-line system for large, complex final products. d. playing an integral role in developing the first American factory.
Which of the following is not an explanation for the existence of unemployment in the long run?
a. it takes time for workers to search for the jobs that are best suited for them b. minimum-wage laws c. unions d. the business cycle
Related to the Economics in Practice on page 36: The results of the survey conducted by Esther Duflo and Abhijit Banerjee found that in extremely poor societies
A. all consumption decisions are made by the government. B. household choice even plays a role in non-food-related consumption decisions. C. household choice plays no role in consumption decisions. D. the only consumption decisions in which household choice plays a role is in the consumption of biological needs such as food.