Which statement is false?
A. Under the United States' economic system, most of the important decisions are made in the market place.
B. In the United States' economy the price mechanism determines the answers to the United States' three basic questions-what, how, and for whom.
C. Most economists would agree that the price system leads to a very efficient allocation of resources.
D. None of these statements are false.
D. None of these statements are false.
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An English auction ends when ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid
Because of the income effect, a higher wage rate
A) shifts the supply of labor curve leftward. B) shifts the supply of labor curve rightward. C) leads to a decrease in quantity of labor supplied. D) leads to an increase in quantity of labor supplied.
Explain the effects of a tariff on domestic production, the quantity bought, and the price
What will be an ideal response?
Is it possible for the unemployment rate to rise at the same time that the number of people working increases?
A. yes, if labor force growth outpaces growth in the number of people working B. yes, if established workers keep their jobs but no longer have the option of working overtime C. yes, if the new workers are employed less than full time D. no