The term externalities refers to
A. Only positive benefits of a market activity borne by a third party.
B. The negative costs and positive benefits of a market activity borne by a third party.
C. Only negative costs of a market activity borne by a third party.
D. None of the choices are correct.
Answer: B
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Labor productivity is equal to the quantity of
A) real GDP. B) real GDP consumed by the total population in one hour. C) real GDP produced by one hour of labor. D) workers employed during one hour. E) workers who are gainfully employed.
Billy's Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100 . The price for each of the 275 units sold was $95 . Total profit for Billy's Bean Bag Emporium would be
a. -$3,875. b. $26,125. c. $28,500. d. $30,000.
The effect of quantitative easing is to:
What will be an ideal response?
The relationship between output and employment is known as
A. the Beveridge curve. B. the Phillips curve. C. the Diamond paradox. D. Okun's Law.