The country of Erbia has been experiencing high unemployment over a period of seven years. A likely outcome of such a situation is that potential GDP will fall
a. True
b. False
Indicate whether the statement is true or false
True
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The FDIC was created because
A) the Fed kept the required reserve ratio too low. B) banks failed to create money the way the Fed wanted them to. C) people worried about bank failures after World War I, even though very few banks actually failed. D) there were so many bank failures in the 1930s.
When earnings differentials are adjusted for such factors as age, education, and marital status, the
a. differential between the earnings of white males and those of minority males increases. b. differential between the earnings of white males and those of minority males decreases. c. corrected earnings of minority males are equal to those of similar white men. d. corrected earnings of minority males are greater than those of similar white men.
The private information revealed during screening typically refers to information:
A. that individuals generally do not want anyone to find out. B. that is embarrassing. C. that is personal. D. that is not public.
As defined in economics, why does scarcity exist?
a. Human wants exceed available resources. b. Resources used in production are expensive. c. Resources are desirable and unlimited. d. The supply-demand relationship breaks down.