24. In the “paradox of thrift” a. when families and businesses are feeling pessi

Question

24. In the “paradox of thrift”
a. when families and businesses are feeling pessimistic about the future, they spend more today.
b. increased saving by individuals increases their chances of becoming unemployed.
c. profligate (meaning wasteful or extravagant) spending behavior during economic tough times has large negative consequences for society.
d. minimum wage laws lead to lower unemployment.
e. each person acting selfishly results in the optimal result for the economy as a whole.


28. Which of the following statements is the one that most economists are most likely to agree upon:
a. Implementing rent control will make more apartments available to poor people.
b. Free trade makes everyone worse off.
c. Unemployment falls during a recession.
d. Price floors for farmers are a good policy.
e. The equilibrium price and quantity in the supply/demand model is generally
an efficient outcome.

29. Which of the following people is/are counted as unemployed? Circle all correct answers—there may be more than one.
a. Sandeep, who was laid off from his job and now sits at home all day watching TV. He has not applied for any new jobs.
b. Mei, who has never worked before. She goes out every day to fill out job applications.
c. Jorge, who works part-time as an accountant. He applies for every full-time job opening he hears about.
d. Delores, who is retired and volunteers at the senior center.
e. Mike, who has a degree from Harvard and works full-time as a cook at
McDonald’s.
f. Renate, who is 15 years old and would like to get a job some day.

Explanation / Answer

ih the question number 24- In the "paradox of thrift" the correct option is 'a' which states that when families and businesses are feeling pessimistic about the future, they spend more today. In the 28th question - the correct option is the 'e' option which states that economists are more likely to agree upon the fact that The equilibrium price and quantity in the supply/demand model is generally an efficient outcome. in the 29th question -the correct options are - 'a' 'b' 'd'

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