In recent years, people have benefited from greater amounts of leisure time. This trend
What will be an ideal response?
in not accounted for in GDP
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If students' expenditures on airline travel increase as a consequence of more heavily discounted fares, students' demand for airline travel must be
A) income elastic. B) income inelastic. C) price elastic. D) price inelastic.
The sum of payments made for all types of products produced in the economy is referred to as national income
Indicate whether the statement is true or false
The marginal rate of technical substitution is
A. the slope of the isocost curve. B. the rate at which the firm can substitute labor for capital while holding total cost constant. C. the rate at which the firm can substitute labor for capital while holding output constant. D. both a and c E. none of the above
Which one of the following statements is TRUE?
A. The sum of wages lost by all unemployed workers gives an accurate, comprehensive estimate of the total cost of unemployment. B. The existence of unemployment places the economy at a point inside its production possibilities curve. C. The unemployment rate is the percentage of the population not working. D. To be counted as part of the labor force, an individual must be working more than 40 hours a week.