Which of the following is an economic cost of unemployment?
a. The extra leisure time available
b. The increase in short-run output that results in higher unemployment
c. The psychological cost of not having a job
d. The cost of having to count the unemployed
e. The opportunity cost of lost output
E
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Suppose there was a banking crisis. The money supply would shrink by the greatest amount if the public ________ their currency—deposit ratio and the banks ________ their reserve—deposit ratio
A) decreased; decreased B) decreased; increased C) increased; decreased D) increased; increased
In order to increase productivity and economic growth, poor nations need
A. A large military. B. Increased consumption. C. A strong dictator. D. Increased capital investment.
Refer to the figure below. This graph describes a good that:
A. the government should subsidize. B. generates negative externalities. C. should be banned. D. generates positive externalities.
Long-run competitive equilibrium in an industry implies that no firm:
A. is producing at the output level where price equals long-run average total cost. B. is earning accounting profits. C. is earning a normal profit. D. has an incentive to enter or exit the industry.