If the economy is currently experiencing a high unemployment rate, the greatest cost is
a. extra government spending
b. rewarding those who do not work but collect government benefits
c. lost output
d. the cost of job searching
e. the extra cost of funding job fairs
C
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National output and national income are essentially the same because
A) every purchase implies a sale. B) every cost implies a benefit. C) every profit implies a loss. D) every gain implies a sacrifice.
During the Great Depression, what appeared to be ________ fiscal policy was actually not when the ________ budget deficit or surplus is examined
A) expansionary; cyclically adjusted B) contractionary; actual C) expansionary; actual D) contractionary; cyclically adjusted
Based on the table for total, marginal, and average revenue, at what whole dollar unit price is total revenue maximized?
a. $2
b. $3
c. $4
d. $5
Which of the following is a TRUE statement concerning economic growth?
A. Changes in per capita nominal GDP are used to measure economic growth because population growth can distort the figures and we want to use the nominal amounts since that is what people identify with. B. Changes in per capita real GDP are used to measure economic growth because inflation and population growth can distort nominal GDP figures or total GDP figures. C. Changes in per capita nominal GDP are used to measure economic growth, but there are serious problems concerning the desirability of using figures that do not account for pollution and urban sprawl. D. Changes in per capita real GDP are used to measure economic growth because this accurately measures all the differences in living standards across countries.