A nearly vertical aggregate supply curve occurs
A. when the economy is producing close to the maximum output level.
B. whenever an economy is in a recession.
C. in an economy with considerable cyclical unemployment.
D. in an economy with much idle capacity.
A. when the economy is producing close to the maximum output level.
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The preferences of the representative consumer over consumption and leisure are represented by use of a
A) production function. B) utility function. C) benefit function. D) preference function.
Open market operations are conducted by the Fed
A. in the New York Stock Exchange. B. through the Bureau of Engraving. C. through the Washington location of the Federal Reserve's Bank of Governors. D. in the private secondary U.S. securities market.
How do hunting licenses protect extinction of those animals?
A. Licenses provide clear property rights to the owner to hunt. B. Hunters have less incentive to hunt all together. C. Licenses provide a way to eliminate opportunity costs of hunting. D. Hunters buy more licenses which increases costs.
The official unemployment rate may not reflect the true state of unemployment because:
a. part-time employees who want to work more hours are treated the same statistically as those who hold full-time jobs. b. some individuals who want to work may become discouraged and cease actively looking for work c. workers laid off from their jobs and looking for new ones are not counted among the unemployed. d. (a) and (b) only.