Economic discrimination occurs when equivalent factors of production receive different payments for equal contributions to output
a. True
b. False
Indicate whether the statement is true or false
True
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According to Okun's law, if the cyclical unemployment rate increases by 3 percentage points, real GDP growth will decrease by about 3 percentage points
Indicate whether the statement is true or false
Consumers will always pay the entire amount of a specific tax whenever
A) demand is perfectly inelastic. B) supply is perfectly elastic. C) Both A and B above. D) Either A or B above but not at the same time.
In the case of a positive externality, social marginal cost will
a. exceed private marginal cost. b. be equal to private marginal cost. c. fall short of private marginal cost. d. have no specific relation to private marginal cost.
Explain why decreases in inventories are included as a negative number in gross private domestic investment