Measures of student performance have not increased even though per-pupil government subsidies have increased because
A. parents and children value the last unit of educational services received more than the cost.
B. there is a need for more funds to be spent.
C. we have declining enrollment in public schools.
D. parents and children value the last unit of educational services received less than the cost.
Answer: D
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During the business cycle,
A) real GDP fluctuates around nominal GDP. B) nominal GDP fluctuates around real GDP. C) real GDP fluctuates around its trend. D) trend GDP fluctuates around real GDP. E) real GDP falls after the trough.
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Unemployment will equal
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both fell. Therefore, demand must have __________ in this __________ industry
a. fallen; increasing cost b. fallen; decreasing cost c. increased; increasing cost d. increased; decreasing costs e. decreased; constant cost
Due to the discouraged worker effect, the labor force participation rate
A. overcounts the number of workers with a job. B. increases during a recession. C. decreases during a recession. D. does not change when the unemployment rate increases. E. overcounts the number of workers wanting a job.