Refer to the figure above. Twelve units of this product are sold at $10 each. Producer surplus is equal to areas:
a. B+C
b. A+B+C
c. E+F
d. D+G
e. E+B
c. E+F
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Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would
A) increase the measured labor force participation rate. B) increase the measured unemployment rate. C) decrease the number of persons in the labor force. D) decrease the number of persons in the working-age population.
When the central bank is focusing on internal balance, their main target in the economy is
A) a desired level of real GDP. B) a balance of payments equilibrium. C) a certain level of real money balances. D) reducing government debt.
All other things constant, higher implicit cost results in lower accounting profit
a. True b. False
Analysis that is limited to making either purely descriptive statements or scientific predictions is
A. macroeconomics. B. normative economics. C. positive economics. D. microeconomics.