Positive economic principles are those that:
A. indicate how people should behave.
B. are always correct.
C. are influenced by political ideology.
D. predict how people will behave.
Answer: D
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Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________
A) 9 percent; 10 percent B) 10 percent; 9 percent C) 10 percent; 11 percent D) 11 percent; 10 percent
During the postwar period, changing patterns of consumer demand led to changes in the distribution of jobs in the US economy. In particular, the income elasticity of demand for many consumer products was ____________ the income elasticity of demand for services, such as medical care and insurance
a. less than b. greater than c. equal to
The Utah Pie case is an example of a violation of the Celler-Kefauver Act
a. True b. False Indicate whether the statement is true or false
With regard to the economy, the term negative inflation is synonymous with which of the following?
a. recession b. depression c. deflation d. hyperinflation