The official measure of civilian unemployment in the U.S. might be an understatement of actual unemployment because
A. some workers become discouraged and no longer are actively seeking work. These workers are not officially counted in the labor force, and consequently are not officially unemployed.
B. the official measure of civilian unemployment fails to account for very high levels of unemployment among active-duty military personnel.
C. the statistics do not count part-time employment the same way as from full-time employment, even though many part-time workers would prefer to be fully employed.
D. retirees are included in the labor force.
Answer: A
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Other things equal, an increase in aggregate spending tends to be associated with:
a. cost-push inflation. b. an economic depression. c. a lower level of equilibrium real GDP. d. demand-pull inflation. e. an increase in the quality of goods and services produced.
Eliminating important details in economic analysis is necessary to understand the complexity of the economy.
Answer the following statement true (T) or false (F)
It's not likely that a country will specialize completely in one good even if it has a lower opportunity cost because
A. The country would end up inside its production possibilities curve. B. Comparative advantage is not a workable concept in the world economy. C. Opportunity costs increase as more of a good is produced. D. The country would want to save some of the good for its own citizens.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.