A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?
a. Tariffs and import quotas usually reduce general economic welfare.
b. A large federal budget deficit has an adverse effect on the economy.
c. Minimum wage increases unemployment among young and unskilled workers.
d. All of the above are correct.
d
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If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 5 tractors is _______ bicycles.
A) 5 B) 20 C) 100 D) 125
The chief economic cost of unemployment is
a. the value of the leisure that is lost when people are unemployed b. the cost to employed citizens of paying unemployment benefits c. money spent on the job search process d. the chance that the unemployed might turn to crime to support themselves e. the value of output that could have been produced, but is not