The statistic called Gross Output (GO) is bigger than GDP, because GO sums up the values in all stages of a productive economy, whereas GDP accounts only for the final stage.
Indicate whether the statement is true or false
Ans: True
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Hardware stores charge higher prices for snow shovels after a big snowstorm. What role do prices play in the snow shovel market?
What will be an ideal response?
If price elasticity is greater than one, then demand is said to be elastic
Indicate whether the statement is true or false
The First Bank of the United States was chartered by
a. the federal government. b. the state of New York. c. the city of New York. d. Suffolk County.
Occupations X and Y employ persons with the same productivity. Workers in the two occupations work the same number of hours per day when on the job. Employment is stable throughout the year in X, while Y is characterized by seasonal layoffs. How will the hourly wage rate and annual earnings compare in the two occupations?
a. The hourly wage rate will be higher in X, but the annual earnings will be higher for Y. b. Both the hourly wage rate and annual earnings will be higher in X. c. Both the hourly wage rate and annual earnings will be higher in Y. d. The hourly wage rate will be higher in Y, but the annual earnings will likely be higher for X.