The concept of "clean enough," to an economist, means the
A. state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.
B. state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more.
C. state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning.
D. perfect state of cleanliness.
Answer: C
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The consumer price index (CPI), the personal consumption expenditures price index (PCE), and the core PCE have over the last 15 years
A) moved roughly together with the CPI being the most stable. B) moved roughly together with the PCE being the most stable. C) not moved together, with the CPI being the most stable. D) moved roughly together with the core PCE being the most stable.
Suppose there are 100 identical firms in the rag industry, and each firm is willing to supply 10 rags at any price. The market supply curve will be a
A) vertical line where Q = 10. B) vertical line where Q = 100. C) vertical line where Q = 1000. D) horizontal line where Q = 1000.
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian. b. Supply-side. c. Demand management. d. Classical.
When a labor market fails to reach equilibrium, workers doing the same job can be paid different amounts
a. True b. False Indicate whether the statement is true or false