Suppose the population of a fictional economy falls into the following categories: 320 are employed full time; 110 are employed part time; 20 are unemployed but are actively looking for employment; 50 are unemployed and are not actively looking for
employment. The official unemployment rate as calculated by the BLS would be A) 4.4%.
B) 5.9%.
C) 14.0%.
D) 28.9%.
A
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Assume that excess reserves are $35 million, demand deposits are $500 million, and total reserves are $135 million. The required reserve ratio is
A) .07. B) .2. C) .25. D) .27.
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, consumer surplus will be
A) a. B) a + b + f. C) a + b + c. D) a + b + c + f + g.
Bill says: "The imposition of a tax on tequila will increase its price." Bob says: "Taxes should be imposed on tequila because college students drink too much." a. Both statements are normative
b. Both statements are positive. c. Bill's statement is normative, and Bob's statement is positive. d. Bill's statement is positive, and Bob's statement is normative.
Which of the following is true of the classical model?
a. Changes in aggregate demand does not have any impact on the aggregate price level. b. The aggregate supply curve is perfectly elastic. c. An increase in aggregate demand increases the price level, output remaining unchanged. d. Changes in aggregate demand determines the equilibrium output of the economy. e. Real GDP and price level remain unchanged irrespective of changes in aggregate demand and supply.