Which of the following groups would NOT be considered as part of the civilian labor force?
A. those already employed
B. full-time students who are not working or looking for work
C. all individuals only working part-time
D. those who are unemployed
Answer: B
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As a result of advertising prices in monopolistic competition, are
a. higher because firms earn economic profits in the long run b. higher because increased output leads to higher production costs per unit c. lower if increased output allows lower average production costs per unit that more than offset the advertising costs d. lower if advertising costs per unit fall as output increases e. higher because advertising shifts each firm's demand curve to the right and make it flatter
As the size of a nation's outstanding debt gets larger and larger relative to the size of the economy,
a. eventually it will become difficult for the country to borrow in global credit markets. b. the country will have to pay higher real interest rates in order to induce investors to purchase its bonds. c. at some point, the country will be more or less forced to bring spending into line with revenues in order to maintain the confidence of investors. d. all of the above are correct.
In the aggregate expenditures model, equilibrium occurs if:
A. aggregate expenditures (AE) are greater than GDP. B. aggregate expenditures (AE) are less than GDP. C. there is no unplanned inventory depletion or accumulation. D. consumption equals investment.
Answer the following questions true (T) or false (F)
1. College education tends to result in a positive externality because the recipient receives the full benefit of the education. 2. The rising cost of malpractice insurance is one of the leading causes of the increase in health care spending as a percentage of GDP in the United States. 3. "Cost disease" refers to the tendency for low productivity in the service sector to lead to higher costs in those industries.