For you to be considered not in the labor force, you can be
A. a full-time volunteer.
B. a full-time retiree.
C. a full-time student.
D. any of the above.
Answer: D
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The use of "most-favored-customer" clauses is an example of
A) incenting members to maintain the cartel, because if they lower the price for one customer, they have to lower it for previous customers as well. B) incenting members to maintain the cartel, because if they raise the price for one customer, they have to raise it for previous customers as well. C) giving customers special perks for purchasing goods from members of the cartel. D) selling higher quality goods and services to favorite customers.
If the federal government runs a budget deficit, but the budget deficit as a percent of GDP is less than the growth rate of real output, the
a. national debt will decrease as a share of GDP. b. national debt will remain a constant share of GDP. c. national debt will increase as a share of GDP. d. size of the national debt (in dollar value) will decline.
Compared to a monopolist, the demand curve for a perfectly competitive firm will be
A) as elastic. B) more elastic. C) less elastic. D) perfectly elastic.
The substitution effect of a wage rate decrease suggests that
A. individuals will supply less work. B. individuals will consume less leisure. C. individuals will supply more work and consume less leisure. D. individuals will supply more work.