Economics
A) is a social science.
B) is concerned with limited resources.
C) is concerned with unlimited wants.
D) All of the above are correct.
D
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Specialization is the result of:
A) hiring experienced workers. B) paying higher wages to experienced workers. C) workers developing a certain skill set. D) increased demand for a firm's commodity.
In Figure 13-2 above, suppose that the Fed maintains a constant nominal money supply, commodity prices are fixed, and that commodity demand is unstable ranging from IS0 to IS1. Equilibrium Y would then range from
A) A0 to A1. B) B0 to B1. C) C0 to C1. D) Insufficient information.
The aggregate demand curve is likely to shift downward because of a(n): a. increase in a household's wealth. b. decrease in tax rates
c. decrease in government spending. d. increase in consumer spending.
Cyclical unemployment is closely associated with
a. long-term economic growth. b. short-run ups and downs of the economy. c. fluctuations in the natural rate of unemployment. d. changes in the minimum wage.