The price of non-work activities is:
A) zero.
B) equal to the opportunity cost of those activities.
C) less than the opportunity cost of those activities.
D) greater than the opportunity cost of those activities.
B
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Which of the following will increase the natural unemployment rate?
i. a minimum wage set above the equilibrium wage rate ii. efficiency wages iii. union-negotiated wages A) i only B) i, ii and iii C) i and ii D) ii and iii only E) i and iii only
A(n) ________ in private expenditures as a result of a(n) ________ in government purchases is called crowding out
A) increase; increase B) decrease; decrease C) decrease; increase D) increase; decrease
Refer to Table 27-1. Consider the hypothetical information in the table above for potential real GDP, real GDP, and the price level in 2016 and in 2017 if Congress and the president do not use fiscal policy
If Congress and the president want to keep real GDP at its potential level in 2017, they should A) increase the level of interest rates. B) decrease the money supply. C) decrease government purchases. D) decrease income taxes.
Sound business decision making requires a firm understanding of both microeconomic and macroeconomic concepts
Indicate whether the statement is true or false