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  The fact that diamonds command a much higher market price than a gallon of water indicates that  

Consider the following data, which show the quantities and prices of two goods produced in an economy, to answer the next three questions. Quantity produced Price Wheat 50 million bushels $2/bushel Televisions 1 million $500/televisionThe market value of wheat production is

  If a firm is expanding and needs to hire more workers, the __________ curve for labor in the surrounding area will shift __________ causing the equilibrium wage to __________ and the equilibrium quantity of workers to __________.  

Owner’s Equity has two accounts. The Owner’s Capital account, which has a normal ___________ balance and the Owner’s Drawing account which has a normal ___________ balance.

  Each firm in a perfectly competitive industry  

Talene finishes her PhD program and applies for teaching jobs. After five months she gets an offer and accepts. While she was unemployed, her situation was an example of __________ unemployment.

The __________ is the most common price level used to compute inflation.

  Goods that are produced today in order to make other valuable goods and services in the future are called ________ goods.  

  A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called  

  Because a product’s demand for an input for its production depends on the decision to produce this product, it is called a(n) __________ demand.