Refer to Table 20-16. Looking at the table above, real wages ________ from 2014 to 2015, and real wages ________ from 2015 to 2016
A) rose; fell B) fell; fell C) fell; rose D) rose; rose
C
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The profit earned by a monopolistic competitor after the entry of new firms is ________
A) higher than the profit earned by the firm before the entry of new firms B) lower than the profit earned by the firm before the entry of new firms C) equal to the profit earned by a monopolist in the long run D) higher than the profit earned by a perfect competitor in the long run
What did Adam Smith perceive was primarily responsible for improving standard of living?
What will be an ideal response?
Receiving a voucher for an apartment in a public housing project would be an example of a good that satisfies
A) the principle of rival consumption. B) the definition of a public good. C) the definition of a good with a positive externality. D) the nonexclusion principle.
Economics is the study of:
a. the allocation of scarce resources and the ways in which human decision makers utilize those resources. b. the methods that human decision makers use to transform a scarce good into a non-economic good. c. how to operate a business successfully. d. a utopian society. e. how to make money in the stock market.