A person who is not working and who has looked for work in the past, but is not looking for work now is not considered "unemployed."
Answer the following statement true (T) or false (F)
True
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The inefficiency of a sales tax on a good is ultimately the result of the
A) low tax revenue earned by the government relative to the cost of collection. B) wedge between what buyers pay for the good and what sellers receive for the good. C) buyers being unable to avoid paying the tax. D) sellers being unable to avoid paying the tax. E) increase in the consumer surplus that is more than offset by the decrease in the producer surplus.
Suppose the economy is in a long-run equilibrium when a temporary, favorable aggregate supply shock occurs. On the graphs above, show what happens to bring the economy back to long-run equilibrium, assuming that there is no policy response
In words, explain why "no response" is the best policy.
The people in an economy have $10 million in money. There is only one bank that all the people deposit their money in and it holds 5% of the deposits as reserves. What is the money multiplier in this economy?
a. 5 b. 1 c. 20 d. 10
A person is seen placing a wager on the Super Bowl. It can be concluded that
a. the person is risk-preferring. b. the person is either risk-averse or risk-neutral, but not risk-preferring. c. the person is either risk-neutral or risk-preferring, but not risk-averse. d. we need more information before making a conclusion regarding this person's attitudes towards risk.