A change in economic output is ________ if the value of the resulting gains exceeds the value of the resulting losses.
A. always inefficient
B. potentially efficient
C. irrelevant
D. always efficient
Answer: B
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In the figure above, which movement could be the result of an increase in the wages paid to oil workers?
A) point a to point e B) point a to point b C) point a to point c D) point a to point d
In what ways did the stock market crash of 1929 increase the severity of the downturn?
What will be an ideal response?
Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
Answer the following questions true (T) or false (F)
1. Stagflation refers to when the general economy is experiencing a falling unemployment rate and a rising inflation rate. 2. The unemployment of capital can be expressed in terms of the manufacturing capacity utilization rate. 3. The consumer price index or CPI is given by the cost of a standard market basket of goods and services in the current period relative to the GDP implicit price deflator.