Answer the following statements true (T) or false (F)
1) Any person without a job is considered to be unemployed.
2) Higher unemployment rates are linked with higher crime rates and higher rates of physical and
mental illness.
3) Inflation reduces the purchasing power of a person's income and savings.
4) From 1995 until the start of the recession in 2007, the U.S. economy grew at the same rate as
the economy of Japan.
1) F
2) T
3) T
4) F
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As sales of digital cameras increase, so do sales of photo printers. What factor is affecting demand?
a. consumer expectation b. consumer taste c. complements d. substitutes
The general rule for benefit maximization suggests that in personal equilibrium:
A) the ratio of total benefits to price should be identical across all goods. B) the ratio of total benefits to income should be identical across all goods. C) the ratio of marginal benefits to price should be identical across all goods. D) the ratio of marginal benefits to income should be identical across all goods.