Baseballs and baseball bats are substitute goods
a. True
b. False
Indicate whether the statement is true or false
False
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The long-run aggregate supply curve shows the relationship between the ________ and ________
A) price level; quantity of real GDP supplied B) real interest rate; quantity of real GDP supplied C) inflation rate; quantity of real GDP demanded D) nominal interest rate; quantity of real GDP supplied
Studies show that doctors earn a compensation that is almost 20% higher than lifeguards, although both these professionals are considered to be life savers. Which of the following accounts for this difference in earnings?
a. Differences in human capital b. Differences in ability c. Differences in on-the-job experience d. Differences in the magnitude of risk associated with the job
As incomes increase worldwide, in addition to increased energy use, we expect to see use (and relative share) of grains and oilseeds used for animal feed
a. increase in highly developed economies only b. to decrease worldwide c. to increase worldwide d. stay at relatively the same share
Any mechanism by which buyers and sellers negotiate an exchange is a
A. market. B. negotiable instrument. C. brokerage. D. corporation.