Excessive unemployment of resources is illustrated using a production possibilities curve by:
a. an inward shift of the curve
b. an outward shift of the curve.
c. a movement along the curve in a northwest direction.
d. a point inside the curve.
d
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The value of U.S. imports is ________.
A. added to exports when calculating GDP, because imports reflect spending by Americans B. subtracted from exports when calculating GDP, because imports do not constitute production in the United States C. subtracted from exports when calculating GDP, because imports do not constitute spending by Americans D. added when calculating GDP, because imports do not constitute production in the United States
Refer to the scenario above. In equilibrium, Beth's payoff is ________
A) $10 B) $0 C) $20 D) $50
Public goods are unlikely to be provided by the private sector because
A. the exclusion principle does not apply to public goods. B. the production of the good creates negative externalities. C. no one can be excluded from the consumption of the good. D. the consumption of the good creates negative externalities.
Annabel retired from the fire department. She started volunteering two hours a day at an unpaid job in the local hospital. Annabel is
A. employed. B. unemployed. C. a discouraged worker. D. not in the labor force.