Blog

Other things being equal, a _____________ supply of workers tends to _________ real wages. 

The government wants to make medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month mental health care programs.   Applying the concept of diminishing marginal utility, the budget cuts should be made for spending on:

Which branch or area of economics looks at the economy as a whole?

The labor __________ curve(s) will shift ____________ if there is an increase in productivity or an increase in the demand for the final product.

 The downward slope of the demand curve again illustrates the pattern that as _____________ rises, ______________ decreases.

As depicted in  ____, it is necessary to give up some of one good to gain more of the other good.

In May and June, Tammy spent all her clothing budget on bathing suits and beach bags. Each bathing suit cost $75. At Tammy’s optimal choice, her marginal utility from the last bathing suit purchased is 300 and her marginal utility from the last beach bag purchased is 200. This means that each handbag must cost

The measure of the size of total production in an economy is called:

Economies of scale mean that for many goods, as the level of production increases, the average cost of producing each individual unit _____________.

Economics is the study of how humans make decision in the face of _______________.