Consider an economy made up of 100 people, 60 of whom old 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.
Answer: A
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The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.
On average, in the recessions since 1950, it has taken ________ for employment to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years
The IS curve has a positive slope because a(n) __________ in the interest rate leads to a(n) __________ in desired investment and this leads to an increase in GDP
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
An increase in the number of tomato producers will
a. increase market supply because the price of tomatoes will rise b. increase market supply because market demand will increase as more tomatoes areproduced c. increase market supply because market supply is the sum of all individual tomato producers' supply curves d. increase market demand but leave market supply unchanged e. increase the price of tomatoes