From an economist's point of view, costs:
A. never reflect monetary outlays.
B. may or may not involve monetary outlays.
C. consist only of explicit costs.
D. always reflect monetary outlays.
Answer: B
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Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed is ________ and the new unemployment rate is ________
A) 100.1 million; 5.8 percent B) 100 million; 6.1 percent C) 94.1 million; 5.9 percent D) 93.9 million; 6.1 percent
A price ceiling is
a. the lowest price that the law will allow to be charged in the market b. the highest price that the law will allow to be charged in the market c. the price that must be charged in the market d. imposed if the government believes the equilibrium price is too low e. applicable only in nonessential goods markets
Although trade increases productivity, it decreases society's collective knowledge because people specialize in a very limited number of things.
a. true b. false
Making the distribution of wealth ________ equal is ________
A) more; differences in degrees of specialization B) less; differences in degrees of specialization C) more; assortative mating D) less; assortative mating