Answer the following statements true (T) or false (F)
1. The period known as the "Industrial Revolution" began in the United States in the late 1800's.
2. Citizens living in the richest nations today have material standards of living that are on average more than 50 times higher than people living in the poorest countries.
3. Savings are generated when current consumption is less than current output.
4. Buying 100 shares of Google stock would be an example of economic investment
5. Economists use the word investment to refer to the purchase of assets such as stocks, bonds, and real estate.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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In measuring the unemployment rate, part-time workers are ________, and discouraged workers are ________
A) included as employed; included as unemployed B) excluded; included as unemployed C) included as employed; excluded D) excluded; excluded E) included as unemployed if they are involuntary part-time workers; excluded
Maggie is a potter who likes to dig her own clay for producing pots, cups and other ceramic items. She is aware of two places where she can obtain the right clay for her work. The first field is quite close, just at the edge of town. The second field is
15 miles away and (since there are no access roads) requires a half-day of travel just to get there. Compare the opportunity cost of producing pots using clay from each of these fields.