The consuming units in an economy are known as
A. households.
B. entrepreneurs.
C. firms.
D. factors.
Answer: A
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The situation in which the marginal product of labor is greater than zero and declining as more labor is hired is called the law of: a. negative response
b. inverse return to labor. c. diminishing returns. d. demand.
Do policy makers know the level of unemployment that is associated with "full employment"?
a. Yes, economists have the precise level of unemployment that is full employment. b. Yes, although there is a small range of uncertainty in this measure. c. No, economists have no idea what this level of unemployment is. d. No, this number is not known with complete accuracy.
Suppose the tax rate is 25% and the taxable bond yield is 8%. What is the equivalent tax-exempt bond yield?
A. 2% B. 6.9% C. 2.3% D. 6%
Which of the following explains the differences in earnings by race?
A. differences in productivity B. racial discrimination C. differences in education and work experience D. All of these