The natural rate of unemployment is the same as the socially optimal rate of unemployment
a. True
b. False
Indicate whether the statement is true or false
False
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Critics of the U.S. definition of poverty claim it is an inaccurate measure of our poor because:
A. it is a single number that does not capture regional differences in the cost of living. B. the ratio of food to total income is different now than when the definition of poverty was defined. C. it fails to account accurately for expenditures other than food. D. All of these are true.
Imagine that Wingate National is a new bank, and that the legal reserve requirement is 10 percent. If it accepts a $1,000 deposit, then the maximum value of the loans it makes is
a. $0 b. $90 c. $100 d. $900 e. $910
Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger quantity of a good than is socially desirable
a. True b. False Indicate whether the statement is true or false
The analysis of international trade suggests that trading companies earn higher than normal profits in:
A. the short run but not in the long run. B. both the short run and the long run. C. neither the short run nor the long run. D. the long run but not in the short run.