Full-time homemakers and retirees are classified in the BLS data as
A. part of the labor force.
B. not in the labor force.
C. employed.
D. unemployed.
Answer: B
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A nation's average annual real GDP growth rate is 6%. Based on the "rule of 72," the approximate number of years that it would take for this nation's real GDP to double is
A. 15 years. B. 12 years. C. 20 years. D. 17 years.
Which of the following statements about economic scarcity is FALSE?
A) Scarcity occurs among the poor and the rich. B) Scarcity only occurs if there are shortages and people wait in line to buy things. C) Scarcity results from not having enough resources to produce all the things we want. D) Scarcity results in the necessity to make choices.
The supply curve reflects the
a. inverse relationship between price and quantity offered b. positive relationship between demand and supply c. negative relationship between price and quantity bought d. positive relationship between price and quantity bought e. positive relationship between price and quantity offered
The cross price elasticity of demand is (mathematically) the
A. percentage change in the quantity demanded of one good divided by the price of another good. B. percentage change in the quantity supplied of one good divided by the price of another good. C. percentage change in the quantity supplied of a good divided by the price of that good. D. percentage change in the quantity demanded of a good divided by the price of that good.