Which of the following groups is most likely to be included in the calculation of real GDP per hour worked?
a. Government workers
b. Pensioners
c. Workers in multinational corporations
d. Farmers
c
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Microeconomics: a. provides an overall view of the economy and how it functions
b. explores the behavior of individual consumers and firms when confronted with scarcity. c. examines the aggregate behavior of consumers and firms when confronted with scarcity. d. is a "positive" science, whereas macroeconomics is a "normative" science.
A rise in a consumer's income causes his/her budget constraint to shift to the left
a. True b. False Indicate whether the statement is true or false
Some of the factors that can shift the short-run aggregate supply curve can also cause a shift in the long-run aggregate supply curve
Indicate whether the statement is true or false
When Brady is driving he throws his cigarette butts out the window, reasoning that other people will clean up the litter on the side of the road. By throwing his cigarette butts out the window, Brady is:
A. creating a positive externality for himself. B. helping to achieve the socially optimal level of litter. C. imposing an external cost on others. D. treating his private property as common property.