After Jason lost his job five years ago, he could not find another job. Unable to provide for his family, Jason suffered from severe stress-related diseases. Jason's unemployment resulted in _____
a. a loss of lifetime earnings
b. a loss of human capital
c. the deterioration of health
d. a loss of social cohesion
c
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The value of zero is used to distinguish between elastic and inelastic price elasticity of demand for a product; so, if the elasticity is greater than zero, it is elastic and if it is less than zero, then it is inelastic.
Answer the following statement true (T) or false (F)
When money serves as a standard for comparing values of different things, it is functioning as a
A) store of value. B) hedge against inflation. C) standard of deferred payment. D) unit of accounting.
Which of the following would not be considered a fixed cost for a law firm?
a. paper for the photocopy machine b. property taxes c. insurance premiums d. license fees e. interest on loans
When a market is corrected for externalities, it:
A. is equitable. B. maximizes surplus. C. makes everyone in society better off. D. All of these statements are true.