A continuing resolution allows
A. Congress to spend money directly without Presidential signature.
B. spending to continue as it has been for a specified period of time.
C. spending to continue a program forever.
D. spending on Presidential priorities without Congressional approval.
Answer: B
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Suppose the working-age population of a fictional economy falls into the following categories: 30 are retired; 45 are stay-at-home parents; 120 are employed full time; 40 are employed part time; 25 are unemployed but are actively looking for
employment; 15 are unemployed and are not actively looking for employment. The official unemployment rate as calculated by the BLS would be A) 9.62%. B) 13.51%. C) 14.55%. D) 20.0%.
The official poverty level is based on pretax income including cash. Which of the following statements is correct regarding this official specification of poverty?
A) This is a good definition of poverty since it is made up of the income from productive resources. B) This is not a good definition of poverty because our tax structure consists of different tax brackets based on income. C) This is not a good definition of poverty because it does not include in-kind subsidies. D) This is a good definition of poverty because it is easy to measure.
Lorna's Lumberyard is a monopsony. Lorna estimates that at a wage of $10, 100 workers would be willing to work for her. Similarly, at a wage of $12, 200 workers would be willing to work. Her marginal factor cost is:
a. $10. b. $14. c. $120. d. $140. e. $240.
Other things being equal, the relationship between price and quantity supplied is
A) negative. B) constant. C) positive. D) non-existent.