Which of the following is true about per capita income?
A) it is an approximate measure of how rich or poor a country is
B) it is the same as income per worker only if everyone in the economy is assumed to work
C) it is the product of TFP and capital per worker only if everyone in the economy is assumed to work
D) all of the above
E) none of the above
D
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The exclusive privilege to use an asset is called a(n)
A) property right. B) exclusive use agreement. C) property privilege. D) right to work privilege.
Billy loses his job as a road construction worker and cannot find another position with equivalent pay and benefits. As a result, he is still checking the want ads and reporting to the unemployment office on a weekly basis. He is considered to be: a. unemployed
b. out of the labor force. c. underemployed. d. lazy.
The total benefits to society from pollution abatement
A. increase at a decreasing rate with the increase of pollution abatement. B. decrease at an increasing rate with the increase of pollution abatement. C. decrease at a decreasing rate with the increase of pollution abatement. D. increase at an increasing rate with the increase of pollution abatement.
Economists suggest that a market can fail if
A. consumers have to pay more than they want to. B. the good or service is such that consumers are unable to make well-informed decisions about its consumption. C. producers get smaller profits than they desire. D. governments dictate prices.