Related to the Economics in Practice on page 704: Of the children under 5 years of age in the world who are characterized as extremely short due to malnutrition, one half are in
A. Asia.
B. Africa.
C. South America.
D. Eastern Europe.
Answer: A
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In the figure above, if the minimum wage rate is $8 per hour, then after taking account of resources lost in job search, the workers' surplus is the area ________ and the firms' surplus is the area ________
A) e; c B) d; b C) a; f D) f; a E) a + b + c + d + e; f
A firm is said to be a monopsonist if it is the sole seller of a commodity in the market
a. True b. False Indicate whether the statement is true or false
Which of the following was an important source of economic stability during the two decades following the recovery from the 1982 recession?
a. countercyclical fiscal policy instituted by Congress b. a substantial increase in government spending as a share of the economy c. monetary policy that kept the inflation rate low and relatively steady d. balanced federal budgets throughout the period
Why must a good economic theory use abstraction?
a. It makes theories more complicated and thus more accurate. b. It summarizes, thereby making theories easy for lay people to understand. c. The world is too complex to analyze without it. d. Economics is too unpredictable to analyze without it.