In a market-oriented economy, most economic decisions about what to produce, how to produce, who will produce, and for whom to produce are made by buyers and sellers
a. True
b. False
Indicate whether the statement is true or false
True
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What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.
What will be an ideal response?
Last year the CPI was 177.1 and this year the CPI is 180.9. What was the inflation rate between these two years?
What will be an ideal response?
If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should
A) split her time evenly between being a lawyer and a word processor. B) specialize in being a word processor because it is more capital-intensive. C) specialize in being a lawyer because its opportunity cost is lower. D) should pursue the activity she enjoys more.
Because unemployment is a macroeconomic topic, an increase in unemployment would not be expected to have any impact on the equilibrium price or quantity in the market for an individual good
Indicate whether the statement is true or false