Diminishing marginal returns always sets in with the hiring of the first worker.
Answer the following statement true (T) or false (F)
False
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In what ways do economists and policymakers who believe that market-based reforms are the key to improving the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
The use of data in economic models is important because
A) the model's predictive value rests on supportive evidence from real-world data. B) the models are always complex in nature. C) models must analyze every possible angle of the problem. D) social problems analyzed by economists require long streams of data.
The study of microeconomics and macroeconomics differ in that
a. microeconomics is concerned with the domestic economy, while macroeconomics is concerned only with the international economy b. microeconomics examines the individual units of the economy, while macroeconomics studies the whole economy c. microeconomics studies the actions of households, while macroeconomics studies the actions of business firms d. microeconomics studies the economy in terms of private individuals and firms, while macroeconomics includes the effect of government e. microeconomics examines the whole economy, while macroeconomics studies the individual units of the economy
In an economy of 100 people in the labor force, if 10 people are unemployed for 4 weeks during the year, and 30 people are unemployed for 8 weeks during the year, and the rest are employed continuously throughout the year, then the average duration of unemployment in this economy is:
A. 7 weeks. B. 5 weeks. C. 8 weeks. D. 6 weeks.