Which occupation made the highest average hourly wage in the United States in March of 2012?
a. production
b. education
c. management
d. art, design and entertainment
c
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If Italy can produce grapes at a lower opportunity cost than any other nation, Italy is said to have a(n) ________ in the production of grapes
A) comparative disadvantage B) autarky C) comparative advantage D) absolute advantage
If supply increases, then:
A. price will increase. B. the quantity demanded will decrease. C. the quantity demanded will increase. D. demand will increase.
Which of the following has made the greatest contribution to economic growth over time?
A. Research and development. B. Improved human capital. C. Improved management techniques. D. Higher ratios of capital to labor.
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen?
A. The supply of engagement rings will increase. B. The equilibrium quantity of engagement rings will decrease. C. The demand for engagement rings will decrease. D. The equilibrium price of engagement rings will decrease.