Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed persons is ________ and the new unemployment rate is ________
A) 100.1 million; 5.8 percent
B) 100 million; 6.1 percent
C) 94.1 million; 5.9 percent
D) 93.9 million; 6.1 percent
C
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Due to the lack of timely data for the price level and economic growth, the Fed's strategy
A) targets the exchange rate, since the Fed can control this variable. B) targets the price of gold, since it is closely related to economic activity. C) uses an intermediate target, such as an interest rate. D) stabilizes the consumer price index, since the Fed can control the CPI.
If the marginal propensity to consume (MPC) is 0.75, and if the goal is to increase real GDP by $400 million, then by how much would government spending have to change to generate this increase in real GDP?
a. $140 million. b. $100 million. c. $200 million. d. $400 million.
Structural unemployment results from a lack of education and training
a. True b. False Indicate whether the statement is true or false
Which of the following are weaknesses of a command-based economic system?
a. It is not possible for goods to be allocated based on need rather than based on willingness and ability to pay. b. Producers have incentives to innovate because successful innovators are not rewarded with higher profit. c. Since price is set by central planners, price cannot freely adjust to resolve shortages or surpluses based on current supply and demand conditions. d. Answers b. and c. above are correct.