Socialism in theory is an economic system in which:
A. the invisible hand insures that individual decisions are made for the common good.
B. individuals are able to act in the best interest of everyone without direction from government or the invisible hand.
C. government owns the means of production, but individual self-interest determines how production is organized.
D. government sees to it that people work for the common good until they could be relied upon to do that on their own.
Answer: D
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Suppose the labor force stays constant, and the working-age population stays constant, but a greater number of persons who were unemployed become employed. The labor force participation rate will
A) decrease. B) remain constant. C) increase. D) not change in a way that can be predicted.
Refer to Figure 3-5. At a price of $5
A) there is a shortage of 4 units. B) there is a shortage of 6 units. C) there is a scarcity of 4 units. D) there is a surplus of 4 units.
People in other countries want to hold U.S. dollars as a
A) medium of exchange. B) store of value. C) unit of account. D) standard of deferred payment.
Which of the following would shift the aggregate demand curve to the left?
A) an increase in the money supply B) a cut in federal income taxes C) an expected decrease in future income D) an increase in the price level