Economists are often required to make unrealistic assumptions concerning the problems they are investigating.
Answer the following statement true (T) or false (F)
True
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Disguised unemployment refers to workers whose
a. marginal product exceeds the wage b. marginal product exceeds the average product c. marginal product is less than the wage d. marginal product is less than that of co-workers e. none of the above
Government spending on public health promotes economic productivity by ________
A) encouraging research and development B) increasing national savings C) increasing human capital D) building infrastructure
State and local governments usually finance programs like highways, libraries, hospitals, health care, parks, and police and fire protection
a. True b. False Indicate whether the statement is true or false
Do the costs of forming a currency union fall or rise as the degree of labor market integration rises among member countries?
A) They will rise because any macroeconomic shock in one country will be transmitted to other members when there is greater labor market integration. B) They will fall because labor market integration allows labor to move to other member countries when there are negative macroeconomic shocks at home. C) They will rise because labor market integration allows labor to move to other member countries when there are negative macroeconomic shocks at home. D) The costs of forming a currency union do not depend at all upon the degree of labor market integration among member countries.