Recent studies have shown increases in the minimum wage have significantly reduced employment of teenagers.
Answer the following statement true (T) or false (F)
False
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If you mow the lawn yourself, the lawn mowing is considered household production. If you pay Larry's Lawn Service to mow your lawn, the lawn mowing is considered
A) a leisure time activity. B) a service, that will be counted as part of GDP. C) a service, but is not counted as part of GDP because it simply replaces a service you used to perform. D) rent, and therefore is counted as part of GDP. E) underground production because it replaces the underground production of you mowing your lawn.
Interest in environmental problems has intensified, perhaps because
A. for the first time in history in the 1970s, people began to die from pollution-related diseases. B. rising incomes have caused people to be more concerned with the quality of their lives. C. the centrally planned economies are polluted. D. decentralized economies are less polluted.
The efficient markets hypothesis implies that stock investments should have the same expected return after adjusting for
A) risk. B) information costs. C) liquidity. D) all of the above.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward