Economists' attitude toward voluntary programs causes them to:
A. be skeptical of the potential success of such programs.
B. actively oppose them on the grounds that they will do more harm than good.
C. actively oppose them on the grounds that they are unfair.
D. favor these programs over alternative solutions.
Answer: A
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Actual real GDP this year is expected to exceed last year's by two percent, while the annual growth rate of natural real GDP is three percent. This is enough to lead us to expect that this year's unemployment rate will be
A) below last year's and below the natural rate of unemployment. B) below last year's but still above the natural rate of unemployment. C) below last year's. D) above last year's. E) above last year's and above the natural rate of unemployment.
The long-run supply curve of an industry equals the industry's
a. long-run marginal cost curve. b. the horizontal sum of all firms' supply curves at any point in time. c. long-run average cost curve. d. long-run total variable cost curve.
Refer to the graph shown of a monopolistically competitive firm. If the firm maximizes profit, it will:
A. produce 5,000 dresses per year. B. produce 8,000 dresses per year. C. produce 12,000 dresses per year. D. go out of business because it cannot earn a profit.
Increases in a country's endowments of factors of production increase current output but do not contribute to long-run economic growth.
Answer the following statement true (T) or false (F)