Land is an example of an nonrenewable resource
Indicate whether the statement is true or false
FALSE
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The international trade response to a contractionary monetary policy will cause aggregate demand to shift ____ and aggregate supply to shift ____
a. outward, outward b. inward, outward c. outward, inward d. inward, inward
Middlemen, such as grocers, stockbrokers, and realtors
a. specialize in reducing transactions costs. b. provide nothing of value to either the buyer or the seller. c. have no effect on economic output in society. d. do not exist in capitalist economies.
How does competition from nonunion firms and foreign producers affect the ability of a union to increase the wages of its members?
a. Such competition makes it easier for the union to achieve wage increases. b. Such competition reduces the ability of a union to achieve wage increases. c. Such competition does not affect the ability of a union to achieve wage increases. d. Such competition will increase the strength of a union if it produces a product sold in the domestic market but will reduce the strength of the union if it produces an export product.
An individual is currently 30 years old, wants to work until the age of 65 and plans on dying at the age of 85. How much will the individual need to have saved by the time he or she is 65 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be received.
What will be an ideal response?