An economy that has many unemployed workers and idle factories is not operating efficiently
a. True
b. False
Indicate whether the statement is true or false
True
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In a competitive market, a good is most likely to be provided at inefficient levels if
A. private opportunity costs are positive. B. people can easily be prevented from using a good. C. people cannot be prevented from using a good. D. the good is depleteable.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.25 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what are the profits from sales to each of the high-demand consumers?
A. $9.38 B. $28.13 C. $153.13 D. $1.00
The statistic most often used by economists to measure the value of economic activity is ________
A) GDP B) the CPI C) labor-force participation rate D) the nominal interest rate E) the real interest rate
A budget line is a straight line designed to show
a. how income is related to hours worked. b. all combinations of two goods that can be purchased with a given income. c. the way a homemaker should divide money among several commodities. d. that if more money is spent on one good, the breadwinner must work all the harder to maintain a satisfactory level of living. e. preferences for goods and services.