Which of the following is NOT true of institutions?
A) Institutions affect incentives.
B) Institutions are determined by individuals as members of society.
C) Institutions are permanent and cannot be changed over time.
D) Institutions act as constraints on the behavior of economic agents.
C
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The unemployment rate is measured as
A) the number of people that want to work but cannot find jobs out of the entire population. B) the percentage of people in the labor force who are unemployed. C) an indicator to determine long-term economic growth. D) an indicator for potential inflation.
If fixed costs do not change, then marginal cost
A) equals the change in variable cost divided by the change in output. B) also remains constant. C) equals the change in average fixed cost divided by the change in output. D) equals the change in average variable cost divided by the change in output.
Persistent current account deficits for the United States have
A) increased government budget deficits. B) decreased investment in new plant and equipment. C) slowed economic growth. D) None of the above are correct.
The first step in the evolution of money involved the use of _____
a. physical commodities b. barter c. pieces of paper representing claims on physical commodities d. pieces of paper with no intrinsic value e. electronic entries representing claims on pieces of paper with no intrinsic value