Who from among the following would be classified as out of the labor force?
A. Mario Faubert, a NHL hockey player at home sick with the flu.
B. Jack Little, a 21 year old new college graduate actively looking for his first job.
C. Amanda Pie, a full-time homemaker.
D. Brenda Smith, an 18 year old college student employed part-time at a fast food restaurant.
Answer: C
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Refer to Table 11.1. What is the value of the tax multiplier?
A) -0.67 B) -1.875 C) 2.33 D) 3
An efficient allocation of resources is reached in the figure above when output equals
A) 1 million. B) 2 million. C) 3 million. D) 4 million.
Which of the following is the outcome of the lemons problem in the used-car market?
A) Only low-quality cars will be traded in the market. B) Only high-quality cars will be traded in the market. C) Both low-quality and high-quality cars will be traded in the market. D) No cars will be traded in the market.
The endowment effect is used to describe the mistake a consumer makes when he accounts for the monetary costs of his decisions but ignores the nonmonetary opportunity costs.
a. true b. false