Which of the following is true?
A) The income per worker of a country is higher than its income per capita.
B) The income per worker of a country increases when the amount of capital available in the country diminishes.
C) The income per worker of a country is lower than its income per capita.
D) The income per capita of a country increases when there is an increase in the number of workers.
A
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Why do economists abstract, and is it appropriate?
What will be an ideal response?
A maximum price set by law above the market-clearing price is called a
A) price cap B) price spike C) price floor D) price ceiling
Producers' total revenue will decrease if
A) income increases and the good is a normal good. B) the price rises and demand is elastic. C) the price rises and demand is inelastic. D) income falls and the good is an inferior good.
If the interest rate rose above the equilibrium rate, people would attempt to __________ bonds. Bond prices would __________ and the interest rate would __________
A) sell; rise; fall B) buy; rise; fall C) sell; fall; rise D) buy; rise; rise