Can real standards of living go up without any positive economic growth?
Answer : Yes, if individuals? are, on? average, enjoying more leisure by working fewer hours but producing as much as they did before.
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When underproduction occurs,
A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.
The behavior of regulators when trying to win approval for their actions from their entire constituency is best described by the
A) capture hypothesis. B) law of increasing social well-being. C) share-the-gains, share-the-pains hypothesis. D) marginal benefit pricing hypothesis.
Which of the following would be counted in U.S. GDP?
a. the purchase of an old house b. the purchase of a new textbook c. the purchase of a $1,000 government savings bond d. washing your car in the driveway e. the purchase of 50 shares of IBM stock
Monica recently lost her job as a teller at the bank. The bank explained that they were replacing Monica and others with ATM machines. Monica falls into a category of unemployment known as
A. cyclical unemployment. B. frictional unemployment. C. structural unemployment. D. seasonal unemployment.