Which of the following is true?
a. At the natural rate of unemployment, the economy is considered to be at full employment
b. At full employment, the economy is producing at its potential output.
c. If unemployment is greater than its natural rate, the economy is producing at less than its potential output.
d. All of the above are true.
d
Economics
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The law of demand says that as the price of a good rises, the quantity demanded of the good tends to fall
a. True b. False
Economics
Simply asking people how much they value a highway is not a reliable way of measuring the benefits and costs because
a. those who stand to gain have an incentive to tell the truth. b. those who stand to lose have an incentive to exaggerate their true costs. c. answers to the survey questions will always be downwardly biased. d. not everyone asked will be using the highway.
Economics