Mercosur is a trade agreement between nations
A) in Southeast Asia.
B) in South America.
C) in South Africa.
D) in Southern Europe.
B
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Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Rooms CleanedPer Hour Meals CookedPer HourLou54Alex33If Alex and Lou work out an efficient arrangement for these two chores, then under that arrangement:
A. Lou would do all of the cleaning and all of the cooking. B. Alex would do all of the cleaning, while Lou would do all the cooking. C. Alex and Lou each would do half of the cooking and half of the cleaning. D. Lou would do all of the cleaning, while Alex would do all of the cooking.
As the economy turns the corner into a recession, the level of unplanned inventories ________ and firms ________ production
A) increases; do not change B) decreases; begin to decrease C) increases; begin to decrease D) decreases; begin to increase E) increases; begin to increase
Potential GDP is defined as
A) the amount of GDP produced if there is no structural unemployment. B) the level of GDP attained when all firms are producing at capacity. C) the maximum of GDP that the economy can produce. D) the amount of GDP produced if there is no frictional unemployment.
When a person does not have to pay the full costs for using a scarce resource, then
A) the use of the resource is not affected since society pays for the resource. B) more of the resource will be used. C) the internal costs of using the resource are too high. D) the social costs of the resource are less than they would be if the "correct" amount of the resource were being used.