A criticism of the unemployment rate is that:
a. underemployment is measured in the calculation.
b. the data includes part-time workers as fully employed.
c. discouraged workers are included in the calculation.
d. all of these are problems.
b
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The equation of exchange becomes the same as the quantity theory of money by assuming that the velocity of circulation ________ when the quantity of money changes and potential GDP ________ when the quantity of money changes
A) changes; changes B) changes; does not change C) does not change; changes D) does not change; does not change
If the U.S. dollar is pegged to gold, then
A) the Federal Reserve must adjust the supply of U.S. dollars when the price of gold changes. B) the government must buy and sell gold reserves when the price of the dollar changes. C) the U.S. dollar will not change in value since the price of gold is constant. D) the U.S. dollar would become more valuable than the Euro.
A situation in which the price charged is less than society's opportunity cost would lead to
A) too little being produced. B) too much being produced. C) an efficient amount being produced. D) marginal cost pricing.
Marginal revenue product is defined as the extra:
a. output a firm would receive after hiring one more unit of resource. b. cost of hiring one more unit of resource c. revenue earned by selling one more unit of product. d. revenue earned by hiring one more unit of resource e. output received by spending one more dollar on resources