Explain why wage rates might rise at Joe's Quik-Print Shop if Joe replaces his aging copy machines with state-of-the-art copy machines.
QUESTION 2Growing capital spending and privatization were two of the factors due to which the U.S. economy experienced a strong recovery in 1994.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 3Gross domestic product (GDP) decreases if the quantity of illegal drugs sold decreases.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4The economic theory of labor markets leads to the conclusion that professional athletes who are paid tens of thousands of dollars per appearance must be paid more than their marginal revenue product.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 5The one-time tax cuts used by the Bush administration to stimulate the economy in 2008 proved to be very successful.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 6An increase in household production will increase gross domestic product (GDP).
a. True
b. False
Indicate whether the statement is true or false
Quick Reply
