The larger the percentage of people who work, the ________ output per capita.
A. lower the actual
B. lower the potential
C. higher the actual
D. higher the potential
Answer: D
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What is measured on the vertical axis of the aggregate demand graph?
A) unemployment B) nominal income C) the price level D) real GDP per year
If a person receives a consumer’s surplus from the purchase of a good, it must be that
A. the amount that the person paid minus the amount that this person values that good is greater than zero. B. the amount that the person values the good minus the amount that this person paid for that good is greater than zero. C. the value is negative because consumers have diminishing marginal utility. D. result is based solely on the supply of the good.
A college dean has a __________ opportunity cost of __________ than a college student working in a minimum-wage job
a. lower; leisure b. lower; nonmarket work c. lower; market work d. higher; nonmarket work e. higher; market work
From the end of World War II until the present, the price level has
a. slowly fallen over time. b. fluctuated around a downward trend. c. remained stable throughout the period. d. fluctuated around an upward trend.