Before a market allocation of goods on the production possibilities curve can be judged efficient, one must evaluate “what” goods the market produced.
Answer the following statement true (T) or false (F)
False
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A firm's demand for labor depends only on the price of labor
Indicate whether the statement is true or false
Externalities that occur in market transactions and affect parties beyond those involved in such transactions are known as _____
a. spillovers b. negative externalities c. deadweight losses d. shortages
Measured as a share of GDP, federal spending during 2001-2010
a. increased more rapidly than during the 1990s. b. increased less rapidly than during the 1990s. c. declined after increasing rapidly during the 1990s. d. was virtually unchanged during the decade.
How would the U.S. Bureau of Labor Statistics classify a 20-year old individual enrolled in college full-time and working 5 hours per week in the campus bookstore?
Select one: a. Not in the labor force b. A discouraged worker c. Not surveyed d. Employed