The majority of economists believe that the social benefit of mandating measles vaccines for all Americans (except those with compelling medical reasons) would exceed the social cost
a. True
b. False
Indicate whether the statement is true or false
True
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Opportunity cost is represented on the production possibilities frontier by
A) attainable and unattainable points. B) efficient and inefficient points. C) the amount of good Y forgone when more of good X is produced. D) technological progress.
The lowest wage for which a person is willing to supply labor is known as the
A) substitution wage. B) income effect. C) derived wage. D) reservation wage.
Which of the following macroeconomic variables is not in the equation of exchange?
a. Real GDP. b. Real exchange rate. c. Velocity of money. d. Money supply. e. All of the above are part of the equation of exchange.
Feenstra and Taylor describe the "magnification effect" of trade. This effect describes how:
a. workers tend to complain more about trade than is justified. b. owners of capital can "magnify" their earnings if they are able to trade. c. small changes in relative prices as a result of trade lead to larger longrun changes in the real wage or rental of factors. d. unemployment is a big problem among workers but not capital because workers have to move when they are laid off.