Gross domestic product (GDP) is a satisfactory measure of both economic "goods" and "bads"
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Suppose the market for shoes consists of three consumers. The table below shows the quantity demanded at various prices for each consumer:Price PerPairPairs Demandedby PatPairs Demandedby LeighPairs Demandedby Chris$100010$75031$50173$302105At $100 per pair, market demand:
A. is less than the quantity supplied. B. is the same as Leigh's demand. C. intersects the y-axis. D. intersects the x-axis.
People who are willing and able to work but are not looking for work because they have been discouraged by their previous futile efforts are called
A) unemployed workers. B) discouraged workers. C) unhappy workers. D) involuntarily unemployed. E) part-time lookers.
Which of the following games might a risk-averse person play?
a. a game where she has a 50 percent chance of winning $1 and a 50 percent chance of losing $1 b. a game where she has a 50 percent chance of winning $100 and a 50 percent chance of losing $100 c. a game where she has a 60 percent chance of winning $1 and a 40 percent chance of losing $1 d. a game where she has a 40 percent chance of winning $1 and a 60 percent chance of losing $1
Which of the following is an effect of a minimum wage law that establishes a wage floor above the current market clearing wage?
A. a decrease in the quantity of labor supplied B. surplus labor, or unemployment C. a decrease in the market clearing wage D. an increase in the supply of labor