Without technological advancement, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods
B) by producing more low-value goods and fewer high-value goods
C) through an increase in supplies of factors of production
D) by decreasing the size of the labor force
C
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The Bureau of Labor Statistics does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labor force participation rate would change
What will be an ideal response?
Assume that you had a ticket for a basketball playoff game that you bought for $50, the maximum price you were willing to pay
If a friend of yours offers to buy the ticket for $100 but you decide not to sell it, how can your decision be explained? A) by the endowment effect B) You expect to receive greater utility from attending the playoff game than you received from buying the ticket. C) by the law of diminishing marginal utility D) The income effect from the increase in the price of the ticket from $50 to $100 was greater than the substitution effect.
Can the Fed manage the federal funds rate?
a. No. It's the rate determined by banks that lend and borrow from each other b. No. It's the rate determined by government c. Yes. They do so by engaging in open market operations d. Yes. They do so by manipulating the discount rate e. Yes. They do so by manipulating the legal reserve requirement
The low point of the business cycle is the _____; the high point is the _____.
Fill in the blank(s) with the appropriate word(s).