The primary determinant of a country's standard of living is
a. the country's ability to prevail over foreign competition.
b. the country's ability to produce goods and services.
c. the total supply of money in the economy.
d. the average age of the country's labor force.
b
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If social indifference curves are straight lines with slope of -1, the ethical standard for judging outcomes places all weight on the sum of outcomes and no weight on the distribution of outcomes.
Answer the following statement true (T) or false (F)
Why would a company continue to operate for many years while never once turning a profit rather than shut down immediately? Using revenue and cost analysis, explain when the company would shut down
What will be an ideal response?
The Federal Reserve entity that makes decisions regarding the conduct of open market operations is the
A) Board of Governors. B) chairman of the Board of Governors. C) Federal Open Market Committee. D) Open Market Advisory Council
In what ways can economists help auto manufacturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration?
A) Examining production cost data B) Conducting consumer surveys about willingness to pay for auto features C) Solving the standard consumer model D) Statistically analyzing historical data on purchases of different types of autos E) B and D only