If the labor force consists of 1,000 people and and the unemployment rate is 7%, then 930 people must be considered employed
Indicate whether the statement is true or false
TRUE
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Refer to the figure above. The market price of Good Y is ________
A) $10 B) $17 C) $22 D) $20
A rational choice is one that:
A. allows individuals to reach their goals. B. involves the use of strategic decision making in an effort to reach a goal. C. does not involve self-interested behavior. D. is usually optimized when decision makers are poorly informed about alternatives
If the government allowed a free market in organs for transplant there would be
a. a decrease in the shortage of organs for transplant. b. a decrease in producer surplus. c. an decrease in consumer surplus d. an increase in the waiting period for transplant organs.
Giffen goods have positively-sloped demand curves because they are
a. inferior goods with no substitution effect. b. normal goods with no substitution effect. c. inferior goods for which the substitution effect outweighs the income effect. d. inferior goods for which the income effect outweighs the substitution effect.