What are the three economic uses of time?
a. Social work, nonmarket work, and leisure
b. Nonmarket work, voluntary service, and leisure
c. Acquiring skills, voluntary service, and social service
d. Market work, nonmarket work, and leisure
d
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In the simple circular flow
A) producers trade goods and services for monetary payments in the product market. B) consumers trade resources for goods and services in the factor market. C) businesses trade goods and services for resources in the product market. D) consumers trade goods and services for monetary payments in the factor market.
For the CPI, the market basket of goods and services is modified
A) each time the Consumer Expenditures Survey is conducted. B) about every 10 to 20 years. C) each month when the Price Survey is completed. D) each year to reflect changes in consumer purchasing habits. E) at the discretion of the President.
Refer to the above figure. The firm is operating using MRP0. An increase in demand for the product has occurred. The relevant curve for the firm after the increase in price
A. is MRP0. B. is MRP1. C. is MRP2. D. could be MRP1 or MRP2 depending upon whether the firm was earning a positive profit.
Which of the following countries has the highest export ratio?
A. The United States. B. The United Arab Emirates. C. Japan. D. China.