Select ALL correct statements.   Which of the following statements about GDP, unemployment, and inflation are correct?

Select ALL correct statements.  Which of the following statements about production, costs, and perfect competition are correct?

Sam worked for 12 years as a coal miner. When the mine closed permanently, his particular skills were not in demand in his region. Retraining programs are available but the mismatch between what he knows and what local employers want has kept him out of work for over a year. Which type of unemployment best describes Sam’s situation?

Two countries face the same three basic economic questions — what to produce, how to produce it, and for whom. Country X uses primarily decentralized decision-making, with buyers, sellers, and private firms making most of the choices through prices. Country Y uses primarily centralized decision-making, with government agencies setting production targets and allocating resources. Which best describes the two economies?

Two friends each earn $50,000/year. Alex starts contributing $200/month to a retirement account at age 22 and stops at age 32 (ten years of contributions, $24,000 total). Casey waits until age 32 and then contributes $200/month every month until age 62 (thirty years of contributions, $72,000 total). Both accounts earn a steady 6 percent per year. Assuming those contribution levels and returns hold, which best captures the Chapter 17 lesson?

A resource is described as follows: any resident can benefit from it without paying, and one resident’s use does not reduce what is available to another. Which category does it fit best?

Which of the following is the clearest example of command-and-control environmental regulation?

A university-town resident is deciding how many hours to volunteer as an adult literacy tutor. Each hour brings the resident $10 of personal satisfaction (private benefit) and generates about $30 of value to the tutored adults and the community (social benefit exceeds private benefit). If the resident chooses volunteer hours based only on personal satisfaction, which comparison is correct?

Why does a cap-and-trade system usually achieve the target level of pollution reduction at lower total cost than a uniform command-and-control rule?

A steel mill emits pollution that causes about $25 per ton of external damage. Before any policy, the mill produces 1,000 tons per week at a private cost that ignores the damage. The government now imposes a Pigouvian tax of $25 per ton. Which prediction best fits Chapter 12?