What is the most important factor that explains differences in living standards among countries?
a. labor unions
b. minimum wage laws
c. productivity
d. efficiency
c
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Which of the following is a result of a market economy?
A) voluntary exchange B) an equal income distribution C) agreement on equity D) environmental protection
If an individual's demand is elastic and price increases, what happens to total utility (TU), marginal utility (MU), consumer surplus (CS), and total expenditure (TE)?
a. TU increases, MU decreases, CS decreases, and TE decreases b. TU increases, MU increases, CS increases, and TE decreases c. TU decreases, MU increases, CS decreases, and TE increases d. TU decreases, MU decreases, CS decreases, and TE decreases e. TU decreases, MU increases, CS decreases, and TE decreases
If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP
a. True b. False Indicate whether the statement is true or false
An economic model consists of mathematical equations that describe various relationships between economic variables.
Answer the following statement true (T) or false (F)