Which of the following is not a cost of unemployment?
a. A loss of income
b. Emotional or psychological problems
c. Loss of job skills
d. A decrease in production
e. Higher annual inflation rates
e
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Because the sale of goods and services generates income for the sellers,
A) GDP is unaffected by such exchanges. B) national income will usually by greater than GDP. C) national income will essentially equal GDP. D) national income will increase, but GDP will decrease. E) sales taxes must be subtracted from GDP.
Janet Yellen, Chair of the Federal Reserve, must choose whether tomorrow she meets with the Secretary of the Treasury or with the Congress regarding the financial crisis. This choice reflects the
A) fact that Ms. Yellen faces scarcity. B) concept of entrepreneurship. C) fact that Ms. Yellen responds to incentives. D) use of capital.
A firm in ________ will engage in ________ to try to earn an economic profit
A) perfect competition; advertising B) monopolistic competition; product differentiation C) perfect competition; price wars D) monopolistic competition; price wars
Currently, when a consumer purchases a "green" automobile, the U.S. government gives the consumer a rebate. When the rebate program expires, we would expect
A) producer surplus to increase. B) consumer surplus to drop. C) consumer surplus to remain unchanged, since they pay the price and only get the rebate later. D) producers to stop making "green" automobiles.