Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages and a corresponding increase in wages
a. True
b. False
Indicate whether the statement is true or false
True
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If two countries are economically identical except that citizens in one country have more leisure time, then the level of GDP:
A. will be the same in both countries. B. will be higher in the country with more leisure time. C. will be higher in the country with less leisure time. D. will be greater than the level of economic well being in each country.
The U.S. Congress has given two government entities the authority to police mergers. These two entities are
A) the Antitrust Division of the U.S. Department of Justice and the Council of Economic Advisors. B) the antitrust division of the Department of State and the Securities and Exchange Commission. C) the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice. D) the Federal Trade Commission and the Internal Revenue Service.
When is the U.S. economy at full employment?
a. When there is no cyclical unemployment b. When there is no structural unemployment c. When there is no full employment d. When there is no seasonal unemployment e. When there is no frictional unemployment
One impact of an import quota is to:
A. reduce both domestic production and domestic prices. B. reduce domestic production and increase domestic prices. C. increase domestic production and reduce domestic prices. D. increase both domestic production and domestic prices.