The substitution effect is a trade-off between ___________ and _________________.
Fill in the blank(s) with the appropriate word(s).
work time; leisure time
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The New Deal
A. may be summarized by these words: relief, recovery, and reform. B. introduced Medicare and Medicaid. C. succeeded in quickly extending the Great Depression. D. reduced the economic role of the federal government.
Which of the following is not included in GDP calculations?
a. the value of an accountant's services b. the value of 500 shares of Microsoft stock sold to an investor c. the value of high-definition television sets produced, but not sold, during the year d. the value of a haircut
Which term is used when the price is above the equilibrium price?
a. shortage b. surplus c. equilibrium d. no market
When the yen gets "stronger" relative to the dollar,
A. the U.S. trade deficit with Japan will rise B. the U.S. trade deficit with Japan will fall C. the U.S. trade deficit with Japan will be unchanged D. None of the above necessarily happens