The U.S. dollar is backed by ____________.
Fill in the blank(s) with the appropriate word(s).
nothing (or the U.S. government's word)
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The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another
a. True b. False Indicate whether the statement is true or false
Sheila is at her favorite Mexican restaurant. She’s trying to decide between the chips and salsa, which cost $2.99, and the chips and guacamole, which cost $8.99. She loves guacamole, but the price seems high. How can she use the concept of marginal utility to make her decision?
a. She should compare how much she would enjoy three orders of chips and salsa to how much she would enjoy one order of guacamole. b. She should order the guacamole as long as she likes it at least three times as much as the chips and salsa. c. As long as she likes guacamole more than salsa, she should order the guacamole; price is irrelevant to marginal utility. d. She should order the chips and salsa until its marginal utility falls to the level of guacamole and then begin ordering the guacamole.
Use the above figure. The ATC at output 10 is
A. $2.67. B. $2.00. C. $3.00. D. $30.00.
Which of the following would contribute to a sustained high rate of economic growth in the long run in an economy?
A) an influx of immigrant labor into an economy without any accompanying technological change B) a shift of workers in the economy from the agricultural sector to the nonagricultural sector C) increases in labor force participation rates as workers who are out of the labor force pursue rising wages D) growth in capital per hour worked accompanied by technological change