The equilibrium level of GDP is always accompanied by full employment and stable prices
a. True
b. False
Indicate whether the statement is true or false
False
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State provision of free healthcare may encourage individuals to engage in unhealthy behavior, such as excessive smoking or consumption of alcohol. This is an example of ________
A) moral hazard B) a positive externality C) adverse selection D) anchoring
John has $40 to spend on pizza and tacos. Pizza costs $10 each and tacos are $1 per taco. John's real income ________
A) is $40 B) is 4 pizzas or 40 tacos C) is 4 pizzas plus 40 tacos D) depends only on his money wage
Economists recognize what is sometimes referred to as "psychic income" such as the value some people attach to being their own boss
As such, failure to factor in psychic income when calculating economic profit could result in an understatement of the actual economic profit received from a particular enterprise. Indicate whether the statement is true or false
The first law of banking is ______________________.
Fill in the blank(s) with the appropriate word(s).