Economists can objectively evaluate the desirability of the distribution of income.
Answer the following statement true (T) or false (F)
False
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When Annie puts her money in her sock drawer for purchases later on, money is acting as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400 . The workers resented this. Castro denounced the farmers as "capitalist gangsters" and closed the free markets. Cuban cash income
declined five percent and fresh vegetables were in short supply. This illustrates the economic concept of the a. law of comparative advantage. b. equality-efficiency trade-off. c. cost disease of the service sector. d. unemployment-inflation trade-off. e. All of the above are correct.
Because of its vast oil reserves, Saudi Arabia is a rich country. Saudi Arabia exemplifies the general fact that differences in __________ are responsible for some of the differences in standards of living around the world
Fill in the blank(s) with correct word
Use the graph to help determine which one of the following statements regarding unemployment and business cycles is true.?
A. The unemployment rate usually continues to rise even after the recession has ended.
B. The unemployment rate fell right after the end of the recession in November 2001.
C. The unemployment rate was not affected by the recession in November 2001.
D. The unemployment rate fell right the beginning of the recession in November 2001.