Why is real wealth considered an autonomous factor?
a. It has a largely unpredictable effect on consumer spending.
b. It remains fixed in the short run.
c. It can change even if income does not change.
d. It has only a marginal effect on consumer spending.
c. It can change even if income does not change.
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Productivity is defined as the quantity of
a. labor required to produce a nation's GDP. b. labor required to produce one unit of goods and services. c. goods and services produced from each unit of labor input. d. goods and services produced per unit of time.
What do economists mean when they state that a good is scarce?
What will be an ideal response?
In the U.S., health care may be expensive, but Americans enjoy the longest life-expectancy of any nation
a. True b. False Indicate whether the statement is true or false
Industrial organization is the study of
a. how labor unions organize workers in industries. b. which managers are the most successful. c. how industries organize for political advantage. d. how firms' decisions regarding prices and quantities depend on the market conditions they face.