Price floors are only effective below the market equilibrium.
Answer the following statement true (T) or false (F)
False
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Before the EEOC can take any action at all, it must receive a sworn complaint from an individual
Indicate whether the statement is true or false
A nation's technological gains have increased labor productivity and, as a result, the average number of hours worked each week has been falling. How do Gross Domestic Product (GDP) calculations account for this shortening of the average workweek?
A) Real Gross Domestic Product (GDP) does not factor in an increase in leisure time but per capita real Gross Domestic Product (GDP) does. B) Neither real Gross Domestic Product (GDP) nor per capita real Gross Domestic Product (GDP) includes the increase in leisure time that results, so the nation's actual economic growth will be overstated. C) Gains in leisure time are dollar-valued and included in real per capita Gross Domestic Product (GDP) gains. D) Gains in leisure time are not included in Gross Domestic Product (GDP), so any increase in real per capita Gross Domestic Product (GDP) will understate the nation's actual economic growth.
According to the expenditures approach, gross domestic product represents the sum of consumption spending, government spending, net exports, and net investment
a. True b. False Indicate whether the statement is true or false
Scarcity is a problem in economics because it means that
a. all economies will be poor b. we cannot produce all the goods we want c. consumers will not be able to consume all of the goods that producers have the capacity to produce d. we cannot produce all the food we would want e. the economy cannot improve its peoples' standard of living