Refer to Table 7.1. As labor inputs increase from 5 to 6, output
A) increases by 98 units. B) increases by 16 units.
C) increases by 12 units. D) increases at a negative rate.
C
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The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent
Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4, 2011) A minimum wage set above the equilibrium wage rate is called A) a price floor. B) a price ceiling. C) quota. D) subsidy.
Answer the following questions true (T) or false (F)
1. GDP is not a complete measure of well-being. 2. The size of the underground economy as a percent of GDP is larger in the United States as compared to poorer countries such as Zimbabwe. 3. If an increase in crime causes households to spend money on police and security systems, GDP will rise.