Which of the following is the best definition of the unemployment rate?
a. a percentage of people who were recently working but laid off or want to work (willing, able, and searching for work) but without jobs.
b. a percentage of people discouraged with the labor market and without work
c. a percentage of people not working
d. a percentage of people that do not need to work
e. a percentage of people willing and able to work
A
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Financial intermediaries are
A) institutions that regulate financial instruments. B) organized exchanges where currencies are traded. C) organized exchanges where securities and financial instruments are bought and sold D) institutions that make loans to borrowers and obtain funds from savers.
If the multiplier is 4 and autonomous government spending increases by $100 billion, real GDP will:
A. increase by $100 billion. B. increase by $400 billion. C. decrease by $400 billion. D. increase by $25 billion.
A firm in a competitive market can change the market price by changing its own production level
a. true b. false
This graph reflects a Keynesian viewpoint. How would the economy respond to an aggregate demand decrease under the classical model?
a. The shift from AD1 to AD2 would also shift LRAS leftward to a new position at RGDP2.
b. The economy would quickly adjust to a new point of long-run equilibrium where AD2 intercepts LRAS.
c. The shift from AD1 to AD2 would produce a short-run equilibrium point at e2 that differs from E1.
d. The economy would quickly adjust to a new point of long-run equilibrium where AD1 intercepts LRAS.