Which one of the following statements is TRUE?
A. The sum of wages lost by all unemployed workers gives an accurate, comprehensive estimate of the total cost of unemployment.
B. The existence of unemployment places the economy at a point inside its production possibilities curve.
C. The unemployment rate is the percentage of the population not working.
D. To be counted as part of the labor force, an individual must be working more than 40 hours a week.
Answer: B
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Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this van
A) is $13,000. B) is $16,000. C) is $29,000. D) is $3,000.
Describe what the liquidity trap is. Explain how it can be problematic for monetary policymakers
What will be an ideal response?
Constructing plastic containers produces air pollutants. Therefore, in the market for plastic containers,
A) the marginal social cost curve is above and to the right of the demand curve. B) the marginal social cost curve is below and to the left of the demand curve. C) the marginal social cost curve is above and to the left of the supply curve. D) the marginal social cost curve is below and to the right of the supply curve. E) there is a gap between quantity supplied and quantity demanded in equilibrium.
Which of the following will increase the velocity of circulation?
a. Interest rates increase. b. The inflation rate decreases. c. Federal banking legislation abolishes credit cards. d. Employers decide to pay employees once a month instead of once a week.