Economists often refer to "good deals" as
A. efficient market outcomes.
B. those with no opportunity cost.
C. profit opportunities.
D. break-even propositions.
Answer: C
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Assume that the union wage already exceeds the market-clearing wage. If the union wage is increased, holding other factors constant, then the number unemployed ________ and the number employed ________.
A. increases; decreases B. increases; does not change C. decreases; increases D. increases; increases
Rick and Kate want to go on a date. Rick wants to go to a rock concert while Kate wants to go to a movie. Rick values going to the concert at $100, while Kate values watching a movie at $50. What is the equilibrium in this situation?
What will be an ideal response?
The concept of external cost is associated with a negative externality, but not with a positive externality
a. True b. False Indicate whether the statement is true or false
A $5 billion cut in government purchases caused real GDP in the economy to decrease by $12.5 billion. The MPC for this economy is
A. 0.6. B. 0.9. C. 0.8. D. 0.75.