In the United States, because men on average earn more than women, the substitution effect tends to outweigh the income affect when wages increase.
Answer the following statement true (T) or false (F)
False
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Questions of what to produce, how much to produce, and who will get the output must be faced by
a. market economies. b. centrally planned economies. c. the economies of underdeveloped countries. d. all economies.
The "greenhouse effect" is predicted to
a. lead to the next ice age. b. raise global temperature. c. pollute the oceans. d. break the edifice complex by the turn of the century.
Aggregate demand grows because
a. patent laws protect and stimulate new inventions. b. there is more machinery and technology improves. c. the government increases its spending, a growing population increases consumer spending, and the Fed increases the money supply. d. All of the above are correct.
Economics:
a. is a narrowly focused discipline.
b. is a broad-ranging discipline.
c. concerns itself only with the U.S. economy.
d. says little about "everyday life."
e. deals with minor problems.