In economics, the cost of something is
a. the dollar amount of obtaining it.
b. always measured in units of time given up to get it.
c. what you give up to get it.
d. often impossible to quantify, even in principle.
c
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The gross domestic product of a country is $500,000. If its income per worker of the population is $100, the size of its employed labor force is ________
A) 5,000 B) 200 C) 8,000 D) 2,500
If a worker is temporarily laid off because the economy is in a recession, frictional unemployment increases
Indicate whether the statement is true or false
Moral hazard is illustrated by people who take greater risks after they purchase insurance
a. True b. False Indicate whether the statement is true or false
Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $50:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. the market will be in equilibrium. B. there will be an excess supply of 5 units. C. there will be an excess demand of 5 units. D. there will be an excess supply of 70 units.