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During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called

As the dollar appreciates, which of the following is most likely to occur?

If the underground economy is sizable, then GDP will

A firm purchases $600,000 worth of raw materials and pays wages and salaries of $100,000 and dividends of $200,000. If the firm sells its output for $1 million, the firm’s value added to GDP is

Comparing the concepts of a “change in supply” with a “change in quantity supplied”, in which statement(s) is “supply” used correctly? (I)  “An increase in the price of eggs will increase the supply of eggs.” (II)  “As the cost of producing eggs rises, the supply of eggs will tend to fall.”

A cold snap hits Gainesville and increases people’s desire to own space heaters.  At the same time, the government removes a tax from the production and sale of space heaters.  Given these two events, what do you expect to happen to the equilibrium price and quantity of space heaters in Gainesville?

Private property rights involve

How would an economist attempt to scientifically study a broad and somewhat subjective question such as whether life was generally getting better or worse for people in the United States? 

In an effort to make taxi drivers drive more safely in West Virginia, the state passed a regulation effectively reducing the amount of time that cab drivers could lease a taxi from 24 hours to 11 hours. As a result, cab drivers began to drive much more frantically and continuously in an effort to make as much money as possible in this shorter lease period, which led to more traffic accidents caused by cab drivers.  This is an example of which of the following?

Consider the following information for the U.S. economy (figures in billions).Table 7-2 Personal Consumption $7,761 Gross private investment 1,666 Government consumption and gross investment 2,075 Net exports −498 Indirect business taxes 339 Depreciation 1,380 Self-employment Income 834 Refer to Table 7-2. Gross domestic product is equal to