Janine would be willing to pay $50 to see Les Misérables, but she buys a ticket for only $30 . Janine values the performance at
a. $20.
b. $30.
c. $50.
d. $80.
c
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Compare and contrast the arguments favoring active versus passive policy making
What will be an ideal response?
Refer to Figure 17-4. Which of the following is true if the wage rate increases from W0 to W1?
A) The supply curve is unit elastic. B) The income effect and the substitution effect are equal. C) The income effect is larger than the substitution effect. D) The substitution effect is larger than the income effect.
When real GDP grows more slowly than potential GDP
What will be an ideal response?
A college graduate using the summer following graduation to search for a job would best be classified as:
A. not officially a member of the labor force. B. a part of cyclical unemployment. C. a part of structural unemployment. D. a part of frictional unemployment.