GDP does not count:
A. the estimated value of homemaker production.
B. state and local government purchases.
C. spending for new homes.
D. changes in inventories.
Answer: A
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Someone who earns her living rolling out pizza dough
A) is inefficiently employed if she could shift to another occupation and produce more than the person she replaces. B) is inefficiently employed if someone else could roll out more dough in less time. C) thinks she has a comparative advantage in rolling out pizza dough. D) All of the above are true.
How does the ECB choose to define price stability?
A) Eurozone consumer price inflation of less than but close to 2% per year over the medium term B) consumer price inflation of greater than but close to 3% per year over the medium term in all Eurozone countries C) Eurozone consumer price inflation equal to 0% per year over the medium term D) Eurozone consumer price inflation less than but close to 5% per year over the medium term
Workers whose spells of unemployment are broken up by brief periods of employment or withdrawal from the labor force are referred to as ________ workers.
A. discouraged B. long-term unemployed C. short-term unemployed D. chronically unemployed
Monopolistically competitive firms ________ because in long-run equilibrium price is ________ marginal cost.
A. prevent the efficient use of resources; greater than B. use resources efficiently; greater than C. use resources efficiently; equal to D. prevent the efficient use of resources; less than