The principle of opportunity cost
A) is applicable to all decision-making. B) only refers to monetary payments.
C) is more relevant for firms than for individuals. D) is only relevant in economics.
A
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The ________ curve shows a(n) ________ relationship between the real wage and the number of workers who are willing to work
A) labor demand; direct B) labor demand; positive C) labor supply; inverse D) labor supply; positive
Which of the following is directly accounted for in the calculation of GDP?
A) the value of one hour of leisure as measured by the hourly wage one would otherwise earn by working B) the value of repairing your own kitchen sink as measured by the average rates charged by local plumbers C) cash earnings from an illegal poker game D) improvements in quality of life from the reduction of pollution E) None of the above items is accounted for in GDP.
Discouraged workers are not counted as unemployed so the true unemployment rate might be higher than listed
Indicate whether the statement is true or false
The Clayton Act of 1914:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. outlawed tying contracts. C. outlawed asset-purchase contracts that would substantially reduce competition. D. made it illegal to monopolize a market.