Suppose you have just landed a job near the center of a city and you now need to decide where to live. If you live close to the city? center, your? round-trip commute will be 15 minutes. If you live in the distant? suburbs, your? round-trip commute will be 60 minutes. There are lots of workers like you who work downtown. Since there are only a limited number of apartments near the city center, these apartments will be allocated based on __________ that you face. This process is known as _____________.
Fill in the blank(s) with the appropriate word(s).
both the costs and benefits, optimization
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In 2002 some politicians and many representatives of the steel and iron-ore mining industries in the U.S. complained foreign steel producers were illegally "dumping" steel and contributing to a potential unemployment problem
According to the economic way of thinking, their argument is questionable because A) it is not at all clear what the appropriate or correct price of steel is. B) it is not at all clear what the appropriate or correct cost of steel is. C) it is not at all clear that such an activity increases total unemployment in the U.S. D) all of the above are true.
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to rise. b. M2 money supply to fall. c. M2 money multiplier to remain the same. d. M2 money supply to rise.
Price elasticity of supply measures how much the quantity supplied responds to changes in the price
a. True b. False Indicate whether the statement is true or false
Hourly wages in Mexico are ____________ those paid in the United States for comparable work.
A. equal to B. one half C. one quarter D. one eighth