In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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If the labor force participation rate in an economy is 50%, and there are 100 million potential adult workers in the economy, the size of the labor force in the economy will equal:
A) 10 million. B) 2 million. C) 100 million. D) 50 million.
While GDP includes what is spent on environmental protection, healthcare, and education, it does not include _________ levels of environmental cleanliness, health, and learning.
a. actual b. historical c. future d. planned
In a debate on the state of the economy Senator X pointed out that the unemployment rates for teenagers, blacks, and hispanics had increased over the last year, while Senator Y stated that the unemployment rate in the United States was at its lowest level in more than 30 years. In this example, aggregate data is being used by:
A. both senators. B. Senator X. C. neither senators. D. Senator Y.
Which of the following statements is true?
A) As output increases, average fixed cost becomes smaller and smaller. B) Average fixed cost does not change as output increases. C) The marginal cost curve intersects the average fixed cost curve at its minimum point. D) When marginal cost is greater than average fixed cost, average fixed cost increases.