In economics, the term "leisure" describes:
a. the time spent searching for productive employment.
b. any time spent not working for pay
c. any time spent working for extra pay.
d. the time spent after permanent retirement from work.
b
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The substitution bias refers to:
A. the failure of the Lespeyres index to capture a consumer's tendency to purchase the same bundle of goods as prices change. B. the substitution effect is positive for a price increase. C. the substitution effect is negative for an inferior good. D. the failure of the Lespeyres index to capture a consumer's tendency to substitute away from goods that have become more expensive.
Laissez-faire economists believe:
A. government policies are largely ineffective in coordinating economic activity. B. government intervention in the market is necessary for a smoothly operating economy. C. most government policies would probably make things worse. D. government can implement policy proposals that have mostly positive impacts on the economy.
General sources of shocks that can cause business cycles include the following, except:
A. Irregular occurrence of innovations and productivity changes B. Monetary factors and financial instability C. Unemployment jumps and production drops D. Political events, either domestic or global