Like the debt of many families, the national debt in 2014 was many times larger than the national income
a. True
b. False
Indicate whether the statement is true or false
False
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For a product with external benefits that is produced in a competitive, unregulated market, how can the resulting market output be described?
A) underproduction compared to the efficient level B) overproduction compared to the efficient level C) production equals the efficient level D) Underproduction or overproduction are both possible depending on whether the external benefit is to consumption or production. E) None of the above is correct.
Refer to Figure 5-3. The efficient output level is
A) Qo. B) Qo - Qm. C) Qm. D) Qn.
Competitive firms hire workers until the additional benefit they receive from the last worker hired is equal to (i) the additional cost of that worker. (ii) the wage paid to that worker. (iii) the marginal product of that worker
a. (i) only b. (iii) only c. (i) and (ii) only d. (ii) and (iii) only
(Last Word) Which of the following best describes why unemployment rates remained high well after the end of the Great Recession of 2007-2009?
A. Falling wages discouraged workers from taking on new employment. B. The 20 percent of U.S. workers employed at minimum-wage jobs were unable to take wage cuts. C. Workers that were initially cyclically unemployed, like construction workers, effectively became structurally unemployed as they needed to transition to new industries to find work. D. Deflation in the economy discouraged spending, preventing output and employment from recovering.