What is the real cost of putting an unemployed laborer to work raking leaves or digging holes and refilling them during a severe recession? Explain
Please provide the best answer for the statement.
Since an unemployed laborer was not doing anything productive before giving him this menial task, then the real cost of employing the person is zero. In other words, no other production is being sacrificed in order to have this person rake leaves or dig holes. The only real cost is the opportunity cost of the unemployed worker’s leisure. This answer assumes that there are no more productive jobs available to the worker than raking leaves or digging holes that would be suitable for this laborer.
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The objects we use as money today include
A) currency inside banks and bank deposits. B) currency outside the banks and bank deposits. C) only currency outside the banks. D) only deposits inside the banks. E) credit cards and debit cards.
Which of the following is true about the occurrence of the twin deficits?
A) They occur consistently in all the economies of the world except the United States. B) They always occur together. C) They did not occur after 1990 in the United States. D) They only occur when exchange rates are fixed.
Which of the following examples comes closest to a perfectly competitive market?
a. medical equipment producers b. cleaning supplies manufacturers c. agricultural commodities market d. furniture suppliers
As the price level falls, the slope of the RGDP demanded curve ______.
a. increases
b. decreases
c. remains constant
d. switches to vertical