In addition to generating more output, economic growth can also contribute to:
A. Improved health for workers.
B. Increased unemployment for workers.
C. Decreased productivity.
D. A more equitable distribution of output.
A. Improved health for workers.
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For a perfectly competitive firm, marginal revenue equals average revenue because the
A. firm’s supply curve is horizontal. B. industry’s demand curve is horizontal. C. firm’s demand curve is horizontal. D. industry’s supply curve is horizontal.
The circular flow diagram shows the flow of money and goods and services between households, firms, government, and foreign countries
a. True b. False Indicate whether the statement is true or false
What will be an ideal response?If demand and supply both decrease, which of the following is correct?
A. The equilibrium price rises but the impact on the equilibrium quantity is ambiguous. B. The effect on both the equilibrium quantity and on the equilibrium price is ambiguous. C. The equilibrium price decreases but the impact on the equilibrium quantity is ambiguous. D. The equilibrium quantity decreases but the impact on the equilibrium price is ambiguous. E. The equilibrium quantity increases but the impact on the equilibrium price is ambiguous.
The concept of opportunity cost exists because
A. the value of services is hard to determine. B. shortages occur. C. goods have different prices. D. resources are scarce.