Most economists believe that classical theory describes the world in the short run but not in the long run
a. True
b. False
Indicate whether the statement is true or false
False
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A consumer has a monthly income of $100 that he wants to spend on two goods: rugs priced at $10 and chairs priced at $5
What is the consumer's opportunity cost of buying a rug? What is his opportunity cost of buying a chair? Use a table to represent the consumer's budget constraint.
Renee plans to graduate and enter the job market in the spring. Economists are forecasting a recession during the spring. As a result, she
a. is happy because unemployment rates are low during a recession b. is happy because salaries are usually higher during a recession c. does not care because the availability of jobs is not affected by whether there is a recession d. is unhappy because it is generally difficult to find a job during a recession e. favors increasing taxes to help head off the recession
GDP is a measure of the total output of an economy
a. True b. False Indicate whether the statement is true or false
Which of the following is true?
A) If a majority of voters favor a proposal, it will achieve positive results. B) If there is an economic problem, the government will be able to solve it. C) A good outcome is guaranteed when a government program is created with good intentions. D) Even if government programs are implemented with good intentions, they may lead to undesirable outcomes.