Which of the following groups of people will NOT be considered as employed?
A) Government representatives earning a fixed salary every month
B) Housewives raising kids at home
C) Paid workers in the agricultural sector of a country
D) Teachers in public schools
B
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In a perfectly competitive market, all consumers:
A) are price takers. B) set prices to compete in their market. C) have exactly the same demand schedules. D) have exactly the same tastes and preferences.
How is national output related to national income?
A) Income is greater than output during recoveries and booms. B) Income is greater than output during recessions and depressions. C) Output exceeds income by the amount of unsold goods. D) They are always equal. E) They are only equal when the economy is in equilibrium.
Who controls a sole proprietorship?
A) owner B) bondholders C) stockholders D) employees
Which of the following situations probably would not yield a negative externality?
A. a rock concert in the quad next to the library B. one person who is smoking cigarettes in a closed room where several other people are present C. a tutor quietly instructs a student in economics as a bystander willingly listens in without the tutor knowing it D. mowing your lawn early on a Saturday morning when you live in a densely populated neighborhood E. All of the above situations would yield negative externalities.