The cost disease of personal services occurs when labor productivity in the general economy is
A. decreasing.
B. increasing.
C. increasing faster than in personal services.
D. increasing slower than in personal services.
Answer: C
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Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
Between the years 1870 and 1920, what happened to the agricultural labor force?
(a) It nearly doubled in numbers but declined significantly in its share of the total labor force. (b) It remained about the same in numbers and declined significantly as a percent of the total labor force. (c) It nearly doubled in numbers while remaining approximately the same percentage of the total labor force. (d) It declined both in numbers and as a percent of the total labor force.
User charges are identical to market prices
a. True b. False
A decrease in real GDP would affect the U.S. economy by:
A. cutting tax revenues and raising government expenditures. B. cutting government expenditures and raising tax revenues. C. raising both tax revenues and government expenditures. D. cutting both government expenditures and tax revenues.