In recent decades labor markets in European countries like Italy and Spain have been
What will be an ideal response?
more highly regulated and the unemployment rates of the European countries have been higher than the United States.
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The circular flow diagram shows
A) how nominal GDP is distinct from real GDP. B) how the prices of factors are determined. C) the effects of inflation in a simple economy. D) the flows between different sectors of the economy.
Which of the following is a microeconomics question?
A) What determines the average price level and inflation? B) How much will be saved and how much will be produced in the entire economy? C) What will the level of economic growth be in the entire economy? D) What factors determine the price of carrots?
At the utility maximizing level, the ratio of the marginal utility of apples to oranges is 3:2 . If the price of an apple is $6, then the price of an orange is _____
a. $6 b. $4 c. $9 d. $8
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.