Labor strikes are a significant cause of lost production.
Answer the following statement true (T) or false (F)
False
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Which of the following is likely to have the most price inelastic demand?
a. white chocolate chip with macadamia nut cookies b. Mrs. Field's chocolate chip cookies c. milk chocolate chip cookies d. cookies
The largest source of unemployment is
A) re-entrants to the labour force. B) job losers. C) involuntary part-time workers. D) job leavers. E) entrants to the labour force.
Why are observation and prediction more difficult for an economist than for a chemist?
a. Economists lack the scientific training that chemists have. b. Human behavior is more variable than the behavior of chemicals in a lab. c. Economists fails to use ceteris paribus as often as chemists do. d. Human behavior is basically irrational; chemicals behave as expected.
The outward bowing shape of the production possibilities curve is due to
a. the law of increasing opportunity costs. b. the law of decreasing opportunity costs. c. the law of diminishing marginal utility. d. the diminishing marginal benefits.