Every choice involves giving up an opportunity to produce or consume something else.
a. true
b. false
a. true
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Suppose a 23-year old graduate student is looking for a full-time job , but has to take a part-time job instead. He or she will be categorized in the Current Population Survey as ________ when calculating the unemployment rate
A) employed B) a discouraged worker C) not in the labor force D) unemployed E) underemployed
Which of the following offers the best example of a positive externality?
a. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. b. A pulp mill emits chlorine pollution into the water, harming members of society. c. A welding shop makes a lot of noise, reducing the property values of nearby homes. d. A person goes to a store and pay $0.75 for a candy bar that he can eat.
Figure 7-16
In Figure 7-16, as we move from A to B,
a.
the relative price of machines falls.
b.
total cost falls.
c.
output increases.
d.
labor becomes less productive relative to capital.
In a supply and demand model for the market for money, we typically use the ________ to look at borrowers' behavior.
A. surplus curve B. supply curve C. demand curve D. production possibilities frontier