Things that have already been produced that are in turn used to produce other goods and services over time are called "capital."
Answer the following statement true (T) or false (F)
True
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When a U.S. Senator tells a campaign crowd that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A. an empirically proven fact. B. a normative statement. C. a microeconomic argument. D. a positive statement.
Why does gold, which is a relatively nonessential item, have a higher price than water, which is essential to life?
What will be an ideal response?
Suppose the U.S. and Japan both produce airplanes and televisions and the U.S. has a comparative advantage in the production of airplanes while Japan has a comparative advantage in the production of televisions. If the U.S. exports airplanes to Japan and imports televisions from Japan,
a. both countries, as a whole, will be better off. b. all individuals in both countries will be better off. c. both countries, as a whole, will be worse off. d. all individuals in both countries will be worse off.
The biggest reform in the federal welfare system in 50 years came in 1997, when the Aid for Families with Dependent Children (AFDC) entitlement program replaced the Temporary Assistance for Needy Families (TANF) program
Indicate whether the statement is true or false