Private property rights are
A) an externality.
B) a social cost.
C) property that is owned by everyone and therefore by no one.
D) exclusive rights of ownership.
Answer: D
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Which of the following are examples of explicit costs a firm might incur?
A) rent paid to the landlord B) wages earned by delivery drivers C) taxes owed to the IRS D) All of the above are examples of explicit costs.
Jacqueline has a Ph.D. in economics. She has turned down many job offers because she eventually hopes to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is: a. frictional unemployment. b. structural unemployment. c. seasonal unemployment. d. cyclical unemployment
e. underemployment.
If nominal GDP increased 2 percent during a year, while real GDP increased 4 percent, the
a. price level must have increased approximately 2 percent compared to the prior year. b. price level must have decreased approximately 2 percent compared to the prior year. c. price level must have decreased approximately 50 percent compared to the prior year. d. unemployment rate must have increased during the year.
If no foreign companies produce in a country, but many of the country's companies build products in foreign countries, then it is safe to say that _____.
(A) The country's GDP and GNP are equal. (B) The country's GDP is greater than its GNP. (C) The country's GDP is equal to its national income. (D) The country's GNP is greater than its GDP.