Suppose you buy an iPod for $100 . If your consumer surplus is $30, your willingness to pay is $70
a. True
b. False
Indicate whether the statement is true or false
False
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140 million, and the total number of people unemployed was 5.0 million
What was the labor force participation rate? A) 78 percent B) 56 percent C) 69 percent D) 90 percent E) 67 percent
Traditionally blacks have earned about _____% of what whites have earned.
A. 20 B. 40 C. 60 D. 80
Rawls's thought experiment of the "original position" behind the "veil of ignorance" is meant to draw attention to the fact that
a. the rich have so much money that they don't know how to spend it all. b. outcomes are efficient only if everyone begins with equal opportunity. c. most of the poor do not know how to find better jobs and escape poverty. d. the station of life each of us was born into is largely a matter of luck.