Almost half of all spells of unemployment end when the unemployed person leaves the labor force
a. True
b. False
Indicate whether the statement is true or false
True
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When tax revenues exceed the government's outlays, the budget
A) has a surplus and the national debt is decreasing. B) is balanced and the national debt is decreasing. C) has a deficit and the national debt is increasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
If a perfectly competitive firm finds that it is producing an amount of output such that MR > MC and P > AVC, it will
A) leave the industry. B) decrease its output. C) increase its output. D) not change its behavior.
To maximize its profit, a monopolistically competitive firm produces at the output level at which
a. its price elasticity of demand equals one. b. MR = MC. c. its D curve is tangent to its ATC curve. d. MR = AVC.
Why may a "black market" develop in nations in which government has imposed capital controls?
a. All foreign currency purchases and sales are conducted and controlled by the government, and it is illegal to trade privately. b. Traders are trying to avoid the taxes they must pay on each transaction. c. The government makes a huge profit on currency trades that the private sector wants access to. d. None of these explains why a "black market" may develop in these nations.