An example of an explicit cost for the owner of a tattoo parlor would be the wages that she could earn if she worked as a graphic artist for an advertising agency
a. True
b. False
Indicate whether the statement is true or false
False
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If the Federal government expands its support of education and retraining of workers who have been unemployed for a relatively long length of time, which type of unemployment would the education and retraining most likely be targeted?
A) discouraged B) cyclical C) structural D) frictional E) government
The South's post-Civil War backwardness was due to all of the following except
(a) extensive wartime destruction of life and property. (b) the fiscal disaster of the Confederacy, whereby nine tenths of the state banks in the South vanished. (c) the price of cotton was increasing, as it had prior to the Civil War, thus keeping cotton profitable and discouraging investors in the South from developing a modern manufacturing system. (d) the failure of the sharecropping system to provide incentives for innovation and progress in agriculture.
What is a reference point?
A) the value of a good on the black market B) the point from which an individual makes a consumption decision C) a subjective valuation of a good D) the minimum price that an individual would sell a good that she currently owns E) none of the above
As DVDs become popular substitutes for video cassettes, demand for video cassettes is likely to
a. become less price elastic b. become more price elastic c. increase d. stay the same e. become unit elastic