A model is a simplified description of some aspect of the economy.
A. True
B. False
C. Uncertain
A. True
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The participation rate is the number of people:
A. employed and unemployed divided by the population aged 16 years and older. B. employed divided by the population aged 16 years and older. C. employed and unemployed divided by the labor force. D. employed divided by the labor force.
According to the Justice Department and the Federal Trade Commission, a merger would likely be challenged if
A) the post-merger industry has an HHI above 1,500 and the HHI rises by more than 100. B) the post-merger industry has an HHI above 500 and the HHI rises by more than 50. C) the number of firms in the post-merger industry is very large. D) the firms' markets are very large.
If there is no external cost, then marginal social cost
A) increases as output increases. B) decreases as output increases. C) is constant regardless of the level of output. D) is unrelated to output levels. E) first increases and then decreases as output increases.
During recessions, the government tends to run a budget deficit
a. True b. False Indicate whether the statement is true or false