Measuring unemployment is the job of the Bureau of Labor Statistics
a. True
b. False
Indicate whether the statement is true or false
True
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Ignoring any supply-side effects, to close an inflationary gap of $100 billion with a government expenditure multiplier of 5, the government could
A) decrease government expenditure on goods and services by $20 billion. B) decrease government expenditure on goods and services by $100 billion. C) lower taxes by $100 billion. D) increase government expenditure on goods and services by $20 billion. E) lower taxes by more than $20 billion.
Which of the following is a clear difference between the market system and government?
A) Collective welfare controls government policy; the market system serves the welfare of individuals. B) Competition regulates the market system, but competition does not constrain the actions of government officials. C) The market system serves the interests of some; government serves the interests of all. D) Each of the above statements expresses the difference between the two. E) None of the above expresses the difference between the two.
An example of a sunk cost would be:
A. the price of a lift ticket you bought and used to ski the whole day. B. the price of a lift ticket you bought and used for 1 run before you fell and broke your ankle. C. the nonrefundable deposit you put on your vacation rental. D. All of these are examples of sunk costs.
Suppose a consumer's utility function is U(F0, F1) = F00.6F10.4, where F0 represents food consumed this year and F1 represents food consumed next year. For that utility function, the marginal utility of food consumed this year is 0.6 × (F1/F0)0.4 and the marginal utility of food consumed next year is 0.4 × (F0/F1)0.6. Which of the following expressions gives the consumer's marginal rate of substitution for food this year with food next year (MRS01)?
A. MRS01 = F1/F0 B. MRS01 = (2/3) × (F0/F1) C. MRS01 = (2/3) × (F1/F0) D. MRS01 = (3/2) × (F1/F0)