Because resources are scarce,
a. opportunity costs are zero
b. people must make choices among alternatives
c. all human wants and desires can be satisfied
d. resource prices are fixed
e. commodities are free
B
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Some people think it's unfair that celebrities like Kim Kardashian earn a lot more than people who add so much more value to society, like teachers. What do you think explains this wage differential?
What will be an ideal response?
In the long run, changes in the money supply affect only the price level because
a. the aggregate demand curve is vertical. b. the aggregate demand curve is downward sloping. c. the long-run aggregate supply curve is vertical. d. the long-run aggregate supply curve is upward sloping. e. current real GDP is less than the economy's potential GDP.
Which one of the following people is frictionally unemployed? A steel worker who
A) decides to leave the labour force and become a full-time ballet student. B) becomes discouraged and stops looking for a job. C) is laid off but expects to be called back soon. D) loses her job because of technological change. E) gives up her job because she retires.
The $840 billion package of both spending increases and tax cuts passed in 2009 was known as ______.
a. the Affordable Care Act b. the American Recovery and Reinvestment Act c. the Kennedy Tax Cuts d. the Reagan Growth Initiative