The Valley View town council has just purchased a lot and built a soccer field for free public use. What is the main cost of the soccer field to the average citizen?
a. There is no cost because anyone can use it.
b. The cost is the lost chance to do other things with the money and land.
c. The cost is the user fee required to play soccer there.
d. The cost is the salaries of the public officials who made the decision.
b. The cost is the lost chance to do other things with the money and land.
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The presence of discouraged workers may cause:
a. the employment rate to be overstated. b. the employment rate to be understated. c. the unemployment rate to be overstated. d. the unemployment rate to be understated. e. GDP to be too large.
The Keynesian cause-and-effect sequence predicts that an increase in the money supply will cause interest rates to:
a. fall, boosting investment and shifting the AD curve rightward, leading to an increase in real GDP. b. fall, boosting investment and shifting the AD curve rightward, leading to a decrease in real GDP. c. rise, cutting investment and shifting the AD curve rightward, leading to an increase in real GDP. d. rise, boosting investment and shifting the AD curve rightward, leading to an increase in real GDP. e. fall, cutting investment and shifting the AD curve leftward, leading to a decrease in real GDP.