Economists use the term self-interest to indicate that people ______.
a. mostly act for material gain
b. are basically selfish
c. make choices for personal satisfaction
d. want to become wealthy
c. make choices for personal satisfaction
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When does the average product of labor equal the marginal product of labor?
A) between the 4th and 5th workers B) at the 5th worker C) between the 5th and 6th workers D) between the 6th and 7th workers E) between 0 workers and the 3rd worker
Suppose that business firms spend $500 million on new capital equipment this year. Of this $500 million, $300 million was spent on domestically produced capital and $200 million was spent on foreign-produced capital
All else equal, these transactions contribute ________ to GDP. A) $0 B) $200 million C) $300 million D) $500 million E) $800 million
If the demand curve shifts but the supply curve does not and price remains the same, supply must be perfectly inelastic
a. True b. False
What is causing South Africa’s youth unemployment problem?
a. Inability to devalue its currency b. High number of laws restricting hiring and firing c. High current account deficit d. Youth lack necessary work skills.