When the economy goes through ups and downs over time:
A. it is not reflected by changes in GDP growth.
B. economists call this pattern the business cycle.
C. it affects the supply of labor.
D. All of these are true.
B. economists call this pattern the business cycle.
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As of 2013, how large is the debt of developing countries to the rest of the world?
A) $350 million B) $350 billion C) $7 trillion D) $35 trillion E) $3.5 trillion
The adverse selection problem in health care occurs because people who are healthier are less likely to buy health insurance because they are less likely to need it.
Answer the following statement true (T) or false (F)
You are the manager of a firm that sells its product in a competitive market at a price of $40. Your firm's cost function is C = 60 + 4Q2. The profit-maximizing output for your firm is:
A. 5. B. 10. C. 4. D. 15.
Which of the following is true if equilibrium exceeds full employment?
A. Growth rates are unacceptably low. B. The economy is experiencing low inflation. C. The economy is inside the production possibilities curve. D. The economy is working beyond normal capacity.