Leisure is
A) wasteful to society. B) an inferior good.
C) a complementary good to labor. D) a normal good.
D
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Sarah's demand curve for whiskey has the same slope as Pete's; however, it lies to the right of Pete's. An increase in the price of whiskey will cause
A) Sarah to incur a greater loss of consumer surplus than Pete will. B) Pete to incur a greater loss of consumer surplus than Sarah will. C) Sarah and Pete to incur the same loss of consumer surplus. D) Sarah's demand curve to shift closer to Pete's.
During an economic boom,
a. the actual rate of unemployment will exceed the natural rate of unemployment. b. the output of the economy will exceed its long-run potential output. c. widespread unemployment will cause inflation to increase. d. the actual rate of unemployment will equal the natural rate of unemployment.
Sometimes, changes in monetary policy and/or fiscal policy are intended to offset changes to aggregate demand over which policymakers have little or no control
a. True b. False Indicate whether the statement is true or false
If, for a given output level, a perfectly competitive firm's price is less than its average variable cost, then the firm
A) is earning a profit. B) should shut down. C) should increase output. D) should increase price.