Over the past century, the average income in the United States has risen about
a. twofold.
b. fivefold.
c. eightfold.
d. tenfold.
c
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To construct GDP, exports:
a. and imports must be subtracted. b. and imports must be included. c. must be included and imports must be ignored. d. must be included and imports must be subtracted.
Why do firms opt for internal labor markets when they may be able to find more candidates with necessary qualifications outside?
When Alfred Marshall, the celebrated 19th-century economist, used the scissors metaphor to explain how prices are determined, he
a. expressed the view that the sharpness of entrepreneurs keeps prices low b. expressed the view that the sharpness of competition keeps prices low c. pointed out that both blades do the cutting just as the interaction of supply and demand determine equilibrium price d. showed that price and quantity were the equivalents of the scissor's two blades e. showed that producers and consumers were at the cutting edge of price determination
The Board of Governors
a. is chaired by the U.S. Secretary of the Treasury. b. members are elected by the U.S. public. c. has 7 members. d. All of the above are correct.