According to Okun's law, if full-employment output is $5000 billion, then each percentage point of unemployment sustained for one year reduces output by
A) $50 billion.
B) $100 billion.
C) $150 billion.
D) $200 billion.
B
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The medium of exchange is defined as
A) an object that is accepted in return for goods and services. B) the exchange of goods and services directly for goods and services. C) an item that can be stored and hold its value over time. D) credit cards. E) barter.
The above figure shows the marginal private benefit and marginal social cost of a college education. If society's external benefits from college graduates is $10,000 each, then without government intervention
A) no students will go to college. B) less than 10 million students will go to college. C) 10 million students will go to college. D) more than 10 million students will go to college.
How can a consumer's demand for a good be derived using indifference curve analysis?
What will be an ideal response?
Profit maximization is
A. the only motive of any firm’s management. B. a behavioral assumption to simplify analysis. C. the same as satisficing. D. a literal description of a firm’s behavior.