During the summer months, many families go hiking, camping, and fishing at national parks. This is an example of
A. aggregate demand for the outdoors.
B. the incentive to work hard, play hard.
C. underground economic activity.
D. the implicit value of leisure time.
Answer: D
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The labor force consists of
A) the number of people who unemployed and who are actively seeking work. B) the number of people who are employed. C) the number of people who are employed minus the number of the people who are unemployed. D) all people in the population aged 16 and over who are not in jail, a hospital, or an institution or in the U.S. Armed Forces. E) the number of people in the working-age population who are employed or unemployed.
An example of fixed investment spending is
A) the purchase of a new apartment building by a property management company. B) the purchase of corporate bonds by Microsoft Corporation. C) the purchase of a new wood chipper by a landscape maintenance company. D) $4 million in unsold furniture at a home furnishings manufacturer.
The two flows, or things being exchanged, in the circular flow model are:
A. inputs and outputs. B. imports and exports. C. inputs/outputs and money. D. land and labor.
The minimum points of the average variable cost and average total cost curves occur where the
a. marginal cost curve lies below the average variable cost and average total cost curves. b. marginal cost curve intersects those curves. c. average variable cost and average total cost curves intersect. d. slope of total cost is the smallest.