After his father lost his job, Jack was forced to drop out of school. In this scenario unemployment resulted in _____
a. a loss of lifetime earnings
b. a loss of human capital
c. deterioration of health
d. a loss of social cohesion
b
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Which of the following is true for a firm operating under perfect competition, monopolistic competition, and monopoly?
a. Firms earn positive economic profits in the long run. b. Firms earn zero economic profits in the long run. c. Profits are maximized when marginal cost equals marginal revenue. d. Price equals marginal cost.
Which of the following equations is correct?
a. Y = C + I + G + NCO b. NX = NCO c. NCO = S - I d. All of the above are correct.
Intermediaries, known as middlemen, specialize in
A. negotiating low prices for buyers. B. reducing transaction costs. C. encouraging consumers to buy goods on credit, rather than with cash. D. negotiating high prices for sellers.
The primary function of the SNAP program has been to provide subsidies for grocery purchases for low-income families.
Answer the following statement true (T) or false (F)