Falling GDP leads to higher transfer payments and lower tax receipts.
Answer the following statement true (T) or false (F)
True
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Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer this hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13.
Given the scenario described, if the market price of hammers was $13, then total producer surplus would be: A. $9. B. $30. C. $17. D. $7.
The unemployment rate may overestimate the true extent of unemployment if: a. many part-time employees would like to work full-time, but are unable to get the additional work. b. many people become discouraged and cease looking for work
c. people falsely claim that they are actively seeking work in order to receive unemployment benefits. d. all of the above
Perfect competition and monopolistic competition are similar because under both market structures,
A. there are many firms. B. production takes place at the least-cost combination. C. differentiated products are produced. D. entry is difficult.
Which of the following unemployment rates can be negative?
A. the seasonal unemployment rate B. the natural unemployment rate C. the unemployment rate that includes underemployment D. the cyclical unemployment rate