Are jobs the key to economic progress and the achievement of high income levels?
What will be an ideal response?
No, the people must be employed in jobs where they are producing goods and services that are valued highly relative to cost.
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Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) The harder it is for a variable input to be substituted for by other inputs.
The typical state spends the most on
a. education. b. Medicare and Social Security. c. highways. d. defense.
The first antitrust law in the United States was the
A. Robinson-Patman Act. B. FTC Act. C. Clayton Act. D. Sherman Act.
What happens to the aggregate demand curve in the United States if the exchange rate increases so that U.S.-made products become more expensive?
What will be an ideal response?