The four central issues in economics include all of the following questions except
a. who produces what
b. how are goods produced
c. when are goods produced
d. who consumes what
e. who decides about production and consumption
C
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Which of the following is counted in GDP?
A) the value of do-it-yourself work B) the value of leisure C) the value of goods and services produced in the underground economy D) the cost of a speed boat purchased by drug smugglers
The intent of indexing is to
a. raise tax revenue automatically during inflation. b. shift the short-run Phillips curve to the right. c. take most of the sting out of inflation. d. reduce inflation gradually.
Which of the following is not true for a competitive firm?
A.) The marginal cost curve is the short-run supply curve. B.) The marginal cost curve is horizontal at the equilibrium price. C.) The marginal cost curve shifts downward when productivity increases. D.) The marginal cost curve shifts upward when wages increase.
Economists label the net loss to society due to an uncompetitive labor market structure as a
A. consumer surplus. B. consumer deficit. C. deadweight loss. D. producer surplus.