The long-run effects of rent controls are a good illustration of the principle that
a. society faces a short-run tradeoff between unemployment and inflation.
b. the cost of something is what you give up to get it.
c. people respond to incentives.
d. government can sometimes improve on market outcomes.
c
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The unemployment rate can increase when
A) the proportion of 18-22 year olds that go to college increases. B) the number of unemployed workers increases. C) the number of job finders increases. D) the size of the military increases.
Which of the following statements is true?
A) Normative statements depend on personal preferences. B) Normative economic statements can be confirmed or disproven. C) Positive economics recommends what people ought to do. D) Positive economics deals with issues that are subjective.
The composition of M2 as of December 2010 includes saving deposits at savings banks and credit unions
a. True b. False Indicate whether the statement is true or false
If average variable costs are increasing while average total costs are decreasing, then
A) marginal cost must lie between average variable and average total costs. B) marginal cost must equal average variable cost. C) marginal cost must equal average total cost. D) fixed costs must be zero.