Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella
C) 5 umbrellas D) 10 umbrellas
A
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Everything else constant, who is least likely to lose from unexpected inflation?
a. A retired person whose pension payments are fixed in dollars b. A person with a large amount of money deposited in a savings account c. A bank scheduled to receive fixed nominal mortgage payments d. A homeowner scheduled to make fixed nominal mortgage payments e. A consumer who spends extra time shopping for the lowest prices
The full employment level of GDP is sometimes referred to as “potential GDP.”
Answer the following statement true (T) or false (F)
Condorcet explained his paradox in a 1951 book called Social Choice and Individual Values
a. True b. False Indicate whether the statement is true or false
Mallory Trammell is a homemaker. Last week, she was busy with her normal household chores. She is:
A. not a member of the labor force. B. a member of the civilian labor force who is unemployed. C. a member of the civilian labor force who is underemployed. D. a member of the civilian labor force who is employed.