Economists who have studied economic growth find strong evidence of convergence.
Answer the following statement true (T) or false (F)
False
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If statistical analysis does not show clusters of characteristics
a. We can divide the world into economic systems b. factors other than the economic system affect outcomes c. growth cannot be measured accurately d. we can study institutional economics but not comparative economic systems e. None of the above
In the figure above, if the minimum wage is $4 per hour, then
A) the quantity of labor supplied is less than the quantity of labor demanded. B) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours. C) unemployment is 1 million hours. D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
A person who has not worked in six months and has given up looking for work is officially classified as
A. employed. B. unemployed. C. discouraged. D. in the labor force.
Suppose that a drug for treating cancer is cleared by the Food and Drug Administration and that the company is successful in obtaining a patent for its product. Which of the following is then TRUE?
A) The patent holder now faces barriers to entry. B) The method of producing the product would not be considered intellectual property. C) The patent holder has a monopoly. D) The drug would have many close substitutes.