Two goods are perfect complements when a person only cares about consuming both of them in a specific proportion
a. True
b. False
Indicate whether the statement is true or false
True
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0Which of the turning points are peaks?
A. (A), (B), and (C) B. (A), (C), and (E) C. (B) and (D) D. (C), (D), and (E)
The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
A. 1 B. 2 C. 3 D. 4
The Kansas-Nebraska Act of 1854 did not allow popular sovereignty over the issue of slavery
Indicate whether the statement is true or false
Protection of a new industry until it becomes strong enough to compete is called
A) the national defense argument. B) the government indirect tax argument. C) the leveling-the-playing-field argument. D) the infant-industry argument.