Money evolved out of the self-interested actions of
A) economists.
B) governments.
C) a few kings and queens.
D) individuals.
D
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Okun's Law says that the difference between the unemployment rate and the natural unemployment rate determines
A) potential GDP. B) real GDP. C) the real interest rate. D) the gap between potential GDP and real GDP. E) the gap between the inflation rate and the unemployment rate.
Specialization of labor occurs when work is assigned based on the: a. demands of the labor union. b. skills of the workers
c. experience of the workers. d. gender of the workers.
Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result. B. An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party. C. One of the roles of the United States' government is to transfer some income from the rich and the middle class to the poor. D. According to most economists' definition of competition, the American economy is very competitive.
How does optimization in levels differ from optimization in differences? Assume that the city council has to choose one among the following three alternatives: setting up a school, setting up a hospital, and setting up a playground
The estimates of expected cost and benefit of all three projects are shown in the following table. How does the city council arrive at the optimal choice if both the techniques of optimization are implemented? Do the results vary? Project Cost ($) Benefit ($) Playground 15,000 30,000 School 20,000 50,000 Hospital 50,000 75,000