Microeconomic topics include the overall unemployment rate in the United States and the rate of inflation
a. True
b. False
B
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The workfare requirement program was popular not only among taxpayers but also among welfare recipients
Indicate whether the statement is true or false
A nation's technological gains have increased labor productivity and, as a result, the average number of hours worked each week has been falling. How do Gross Domestic Product (GDP) calculations account for this shortening of the average workweek?
A) Real Gross Domestic Product (GDP) does not factor in an increase in leisure time but per capita real Gross Domestic Product (GDP) does. B) Neither real Gross Domestic Product (GDP) nor per capita real Gross Domestic Product (GDP) includes the increase in leisure time that results, so the nation's actual economic growth will be overstated. C) Gains in leisure time are dollar-valued and included in real per capita Gross Domestic Product (GDP) gains. D) Gains in leisure time are not included in Gross Domestic Product (GDP), so any increase in real per capita Gross Domestic Product (GDP) will understate the nation's actual economic growth.
For any given tax, imposing a tax in a market with a highly inelastic demand will:
A. cause more deadweight loss than a market with an elastic demand. B. generate higher revenues than a market with an elastic demand. C. Both of these statements are true. D. Neither of these statements is true.
Marginal revenue is
a. the change in total revenue divided by total output b. total revenue divided by total output c. total revenue minus total cost then divided by total output d. the change in total revenue divided by the change in price of output e. the change in total revenue divided by the change in total output