Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number counted as unemployed is
a. 10.
b. 15.
c. 40.
d. 30.
e. 90.
A
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The function of money that provides for a commonly recognized measure of value for the price system is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
The consumer price index (CPI) is a measure of inflation for
A) farmers. B) an elderly couple recently retired to Yuma, Arizona. C) Apple Computer. D) a typical consumer of the market basket used to calculate the index.
Which of the following would decrease aggregate demand?
a) Increased consumption b) Increasing export revenue c) Increased taxation revenue d) Increased investment
The production technique that is most efficient is the one that produces a given amount of output:
A. using the least amount of labor resources B. at the highest price per unit C. at the lowest cost per unit D. that yields the highest revenues