The working-age population can be divided into two groups
A) people in the labor force and people looking for work.
B) people in the labor force and people with a job.
C) people looking for work and those in the armed forces.
D) people in the labor force and people who are not in the labor force.
D
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Refer to Scenario 16.1. Suppose instead that Sam is initially allocated 3 cheese doodles and 3 pretzels, whereas Sally is initially allocated 6 cheese doodles and 10 pretzels. Which of the following statements is TRUE?
A) This allocation is Pareto optimal. B) This allocation is not Pareto optimal as Sally and Sam have unequal amounts of each good. C) The allocation is not Pareto optimal as Sally would be willing to exchange two pretzels for one cheese doodle and be better off, without making Sam worse off. D) The allocation is not Pareto optimal as Sam would willing exchange one pretzel for two cheese doodles and be better off, without making Sally worse off.
Economic rent is the amount of money above and beyond that necessary to keep the factor of production employed where it is
a. True b. False Indicate whether the statement is true or false
Here is a consumption function: C = C0 + MPC(Yd). If MPC is 0.80, then we know that
A) as Yd rises by $1, Co rises by $0.80. B) as Yd rises by $1, C rises by $0.80. C) Yd rises by $0.80. D) as C0 rises by $0.80, Yd rises by $1.
Credit cards
a. represent the largest component of M1. b. are not included in M1 but are included in M2. c. are a form of money unique to the U.S. d. are not considered money.