In Figure 28.1, if pollution costs are external, the rate of output will be
A. Greater than 320 units.
B. Less than 200 units.
C. 200 units.
D. 320 units.
Answer: D
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Real GDP is the value of final goods and services produced in a year
A) expressed in the prices of that same year. B) during a recession. C) minus depreciation. D) expressed in the prices of a base year. E) minus the value of all the intermediate goods produced.
An economy is said to be saving lives efficiently
a. if the number of lives saved increases each year b. whenever the cost of saving lives is decreasing c. if it is operating on its production possibilities frontier d. if more resources are devoted to saving lives than to any other activity e. if fewer resources are devoted to saving lives than to any other activity
What is the discouraged worker effect?
A. A discouraged worker accepts a part-time job and is therefore counted as being employed. B. A discouraged worker will accept any job offer regardless of the wage. C. A discouraged worker stops looking for a job and therefore is no longer counted as being in the labor force. D. Because a discouraged worker accepts a part-time job when he wants a full-time job, he is considered to still be unemployed. E. A discouraged worker stops looking for a job but is still counted as being in the labor force.
With a futures contract:
A. payment is made when the contract is created. B. the short position agrees to purchase the underlying asset. C. no payment is made until the settlement date. D. the risk is eliminated for both parties.