An inferior good is
a. any good of low quality
b. one that consumers buy less of at a higher price
c. one that consumers buy less of as their income rises
d. one that has few substitutes
e. any good made with inexpensive labor
C
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Crowding out would not occur if the
A) IS curve is horizontal. B) IS curve is vertical. C) LM curve is horizontal. D) LM curve is vertical
Accounting profits are total revenues minus
A) all relevant opportunity costs. B) explicit and implicit costs. C) explicit costs and all other relevant opportunity costs. D) explicit costs.
Refer to Labor Force Statistics by Age. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?
Labor Force Statistics by Age. Suppose people in the adult population in a small country are classified based on their age. Labor Force Status less then 55 55 and older Number employed 400,000 100,000 Number unemployed 25,000 7,000 Number in Population 600,000 200,000 A) under 55, under 55 B) under 55, 55 and older C) 55 and older, under 55 D) 55 and older, 55 and older
If the production of ukuleles creates a negative externality that is NOT corrected for by the government, the equilibrium quantity of ukuleles is
A. lower than optimal. B. efficient. C. higher than optimal. D. at a optimal level.