State the growth rate form of Okun's Law and define the variables in the equation
What will be an ideal response?
The growth rate form of Okun's law is ?Y/Y = 3 - 2?u, where ?Y/Y is the growth rate of output, 3 is the growth rate of full-employment output, and ?u is the change in the unemployment rate.
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The above table gives the demand and supply schedules for cat food. If the price is $3.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price?
If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
Marginal private cost
A) is always zero if there is an external cost. B) equals the marginal social cost only if the marginal external cost is positive. C) is the cost of producing an additional unit of a good or service that is paid by the producer of that good or service. D) the cost of producing an additional unit of a good or service that falls on people other than the producer of that good or service. E) the cost of producing an additional unit of a good or service that is paid by the entire society.