The macro consequence of unemployment is
A. A leftward shift in the production possibilities curve.
B. Lost output for the economy.
C. Lost income for the individual worker.
D. A 1 percent decrease in GDP for every 1 percent decrease in unemployment.
Answer: B
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A seller's willingness to sell:
A. is the maximum price that a seller is willing to accept in exchange for a good or service. B. is the minimum price that a seller is willing to accept in exchange for a good or service. C. is his or her reserved minimum bid-price. D. must always equal the buyer's willingness to buy.
Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, we can expect to see:
a. some firms leave. b. the market price rise. c. market supply shift to the left. d. economic profits become zero. e. production levels remaining the same as in the short-run.
Which of the following is a likely consequence of a price ceiling that fixes the price of rental housing below the market equilibrium?
a. It will be difficult to find housing for rent. b. More new apartments will be built. c. Some rental apartments will be converted into offices or sold for other uses rather than be rented. d. All of the above are true. e. Both a and c are correct.
Refer to the information provided in Table 36.3 below to answer the question(s) that follow. Table 36.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 36.3. The error for point A is equal to
A. -4. B. -2. C. +2. D. +4.