An increase in the demand for musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Answer: A
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Which one of the following transactions in a particular year is included in gross domestic product for that year?
A) Social Security payments to retirees B) The government pays a computer services company that assisted in the delivery of Social Security payments to retirees. C) A car is produced in the previous year and remains in inventory for the entire year under consideration. D) A stay-at-home parent performs housework that the family would otherwise have paid a maid $20,000 a year to perform.
A standardized product is a product
A. where the demand function is downward sloping for both the firm and the industry. B. that is unique to one producer. C. which is produced according to government regulations. D. that has many perfect substitutes.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.
Explain what a model is
What will be an ideal response?