A person who chooses ________ the labor force reveals that either leisure or the value of nonpaid labor is worth ________ to him or her than the value that society places on his or her potential product in the market.
A. to stay in; more
B. not to be in; more
C. to enter; more
D. to exit; less
Answer: B
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Assume an economy produces only footballs and baseballs and the base year is 2005. Quantity producedPrices 2005200620052006Footballs200300$20$25Baseballs500600$10$15Given the data in the table above, what is the value of nominal GDP in 2006?
A. $10,000 B. $16,500 C. $12,000 D. $12,500
Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money
A) commodity B) fiat C) electronic D) funny
Which of the following is not a commonly-cited explanation for the decreasing labor-force participation rates for men from 1950 to the present?
a. availability of reliable birth control b. men acquiring additional years of schooling before entering the labor force c. a preference for men to retire when younger d. changing social attitudes about stay-at-home fathers
During very bad recessions, if demand rises, aggregate supply will rise in the form of higher _____.
Fill in the blank(s) with the appropriate word(s).