In a market-oriented economy, _____
a. buyers and sellers get together to make economic decisions about the four fundamental economic questions
b. an exchange is made without any agreement on immediate or future rewards
c. the government makes economic decisions about the four fundamental economic questions
d. goods and services are directly exchanged for other goods or services
a
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A recession occurs when real GDP decreases for at least 6 months
Indicate whether the statement is true or false
Mechanic lien laws grant property rights to labor. They allow labor to make claims against the real property of businesses for work completed or materials supplied
Indicate whether the statement is true or false
Which of the following would cause the consumption function to shift downward?
a. A decrease in taxes b. A decrease in interest rates c. Consumers become more pessimistic about the future d. Consumers become more optimistic about the future e. None of the above
What factors can cause the labor supply curve to shift?