Which of the following statements is true about the U.S. economy?
A) Each year, many new jobs are created, but few existing jobs are destroyed, and the unemployed find jobs quickly.
B) Each year, few new jobs are created, but few existing jobs are destroyed, keeping unemployment low.
C) Each year, many new jobs are created and many existing jobs are destroyed.
D) Each year few jobs are created, and therefore it takes the unemployed a long time to find a new job.
Answer: C
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A level at which the marginal production goes up with new investment:
a. increasing marginal returns b. total cost c. marginal revenue d. marginal product of labor e. marginal cost
If the demand for cream cheese produced by a dairy is perfectly elastic, then:
a. the demand curve will be vertical. b. the demand curve will be horizontal. c. the demand curve will be upward sloping. d. the demand curve will be downward sloping. e. the demand curve will initially slope upward and then slope upward.