Related to the Economics in Practice on page 154: According to the Economics in Practice feature, the managerial part of the United States Technical Assistance and Productivity Program
A. generated large short-term effects but barely any long-lasting effects.
B. generated large and long-lasting positive effects.
C. was not effective in either the long run or the short run.
D. generated only small positive effects in both the short and long run.
Answer: B
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If a person supplies more hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.
Full employment means which of the following is zero?
a. structural unemployment b. cyclical unemployment c. frictional unemployment d. aggregate unemployment
Describe the advantages that a negative income tax has over other programs designed to aid the poor
Recall the four types of goods. Are national defense and a patented invention the same type of good? Briefly explain