What effect does new technology usually have on an economy?
What will be an ideal response?
Answer: It makes the economy stronger and more efficient.
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The gap between the value a monopsony places on the last worker hired and the wage paid will increase when
A) the supply curve becomes more elastic at the optimum. B) the supply curve becomes less elastic at the optimum. C) the supply curve becomes horizontal. D) the value of the last unit of labor hired is greater than the cost.
A budget deficit occurs when tax revenues are less than government spending.
Answer the following statement true (T) or false (F)
In order to be successful in a market economy, entrepreneurs must
A) produce a good that consumers value less than the resources used to produce it. B) combine resources in a manner that increases their value. C) produce anything that consumers value, regardless of cost. D) use only personal financial capital so they can avoid interest payments on borrowed funds.
Explain how the following factors affect the value of the dollar vis-à-vis other currencies under a floating exchange-rate system.a. Tariffs and quotas are placed by the U.S. government on all imports into the country.b. Demand by foreign consumers for the U.S. exports falls and the U.S. demand for imports rises.c. Rising interest rates in the United States relative to interest rates in Europed. Rising U.S. fiscal deficits reduce investor confidence and lead to capital outflows.
What will be an ideal response?