Full-time students and prisoners are ________
A) not in the labor force
B) in the labor force
C) counted as discouraged workers
D) counted as unemployed
A
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When laws and regulations prohibit firms from selling at "prices less than cost,"
A) consumers benefit. B) they are rarely enforced; therefore, competition is allowed to decline in the retailing industry. C) they help maintain competition by eliminating one important advantage of large firms. D) they must define "cost" arbitrarily since no firm has an incentive to sell below cost. E) they serve as our most effective defense against predatory pricing.
Producer surplus is the cost of production minus the amount a seller is paid
a. True b. False Indicate whether the statement is true or false
According to the Keynesian model,
A. aggregate demand plays no part in determining the price level in a hyperinflationary economy. B. aggregate demand alone determines the levels of output and employment when an economy is in the midst of a depression. C. aggregate supply alone determines the price level when an economy experiences creeping inflation. D. market economies can never be plagued by protracted downturns in economic activity.
Suppose a currency's value in the foreign exchange market is determined solely by market supply and demand without any intervention by the government authority, the currency has
A) a fixed exchange rate. B) a gold standard. C) a price control in its exchange rate. D) a floating exchange rate.