The unemployment compensation program:
a. makes recessions more severe.
b. makes recession less severe.
c. makes recessions more severe and inflationary episodes less severe.
d. makes recessions less severe and inflationary episodes more severe.
e. has no effect on the severity of recessions and inflationary episodes.
b
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The best alternative use of a resource is referred to as its:
A) sunk cost. B) market price. C) marginal utility. D) opportunity cost.
Refer to Table 2-18. Which of the following statements is true?
A) Mickey has a comparative advantage in making both products. B) Minnie has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.