Unemployment or underemployment is shown by a point located inside the production possibilities curve
Indicate whether the statement is true or false
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Wealth creating transactions are less likely to occur
a. Without private property rights b. Without contract enforcement c. Both a and b d. None of the above
Which length of time of unemployment was the highest percentage reported in February 2015?
a. less than 5 weeks b. 5 to 14 weeks c. 15 to 26 weeks d. more than 27 weeks
What three factors did Keynes identify that affect consumption expenditures?
a. Disposable income, expected future income, and wealth or credit b. Total income, expected future income, and wealth or credit c. Disposable income, inflation rate, and wealth or credit d. Total income, expected future income, and inflation rate
Which of the following is not a valid generalization concerning the relationship between price and costs for a purely competitive seller in the short run?
A. Price must be at least equal to average total cost. B. Price times quantity produced must be equal to or greater than total variable cost for some level of output or the firm will close down in the short run. C. Price may be equal to, greater than, or less than average total cost. D. Price must be equal to or greater than minimum average variable cost for the firm to continue producing.