Which of the following is determined in the money market?
A) the equilibrium interest rate
B) income
C) employment
D) the government budget
Answer: A) the equilibrium interest rate
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Which of the following persons is NOT considered a part of the labor force?
A) Mary, who has a part-time job as a day care specialist B) Lones, an unemployed mechanic looking for a new job C) Jameson, an accountant who has been temporarily laid off during the holiday season D) Desire, a wealthy hedge fund manager who just took early retirement E) Lucy, who works 20 hours a week in her father's restaurant for no pay
The best example of a frictionally unemployed individual is
A) Charles who has lost his job as an autoworker because of increased imports and can't find a good job that utilizes his skills. B) Mary who quit her job to find work closer to her home. C) Sam who lost his job as a real estate salesperson when the housing market went soft because of a recession. D) Sandy who has few skills and is no longer looking for work.
Which of the following activities is most likely to be counted in GDP?
A. Gail buys paper and crayons to donate to poor children in need of school supplies. B. Bud works hard five hours each week to make sure that his lawn always looks nice. C. Fran volunteers at the local veteran's hospital twice a month. D. Stu gave $5 to a homeless man he met in the park.
What effect have Medicare subsidies had on the consumption of medical services?
A) The consumption of medical services has been unaffected, because people don't consider the financial cost when seeking services related to their health. B) The consumption of medical services has been unaffected, because government restrictions have prevented patients from seeking a level of care above and beyond what they would choose if they had to pay for medical treatment out of pocket. C) The consumption of medical services has increased because Medicare subsidies give people the incentive to seek more care than they would otherwise. D) The effect cannot be measured because it is difficult to quantify the amount of resources devoted to our health care system.