The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist, __________________.
Fill in the blank(s) with the appropriate word(s).
Adam Smith
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What is the discouraged worker effect?
A. A discouraged worker accepts a part-time job and is therefore counted as being employed. B. A discouraged worker will accept any job offer regardless of the wage. C. A discouraged worker stops looking for a job and therefore is no longer counted as being in the labor force. D. Because a discouraged worker accepts a part-time job when he wants a full-time job, he is considered to still be unemployed. E. A discouraged worker stops looking for a job but is still counted as being in the labor force.
For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
A. $5. B. $4. C. $0.25. D. $6.
Refer to the above supply and demand graph. Point A represents the current equilibrium level of output of this product and point B represents the optimal level of output from society's perspective. The amount of the subsidy to be given to producers to correct this externality problem would be:
A. EF. B. AB. C. IJ. D. GH.
Which of the following is an example of an activity that creates an external cost?
i. a smoker emitting second-hand smoke ii. sulfur emitting from a smoke stack iii. throwing garbage on the roadside A) i only B) i and ii C) iii only D) ii and iii E) i, ii, and iii