Using the table? above, the number of people in the labor force is
A) 165 million.
B) 175 million.
C) 195 million.
D) 185 million.
E) 145 million.
Ans: B) 175 million.
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In an economy consisting of only two goods, corn and cloth, the amount of extra cloth that can be produced efficiently if corn output is reduced by one unit is equal to:
a. the rate of technical substitution for corn divided by the rate of technical substitution for cloth. b. the rate of technical substitution for cloth divided by the rate of technical substitution for corn. c. the marginal cost of producing cloth divided by the marginal cost of producing corn. d. the marginal cost of producing corn divided by the marginal cost of producing cloth.
Which one of the following would count as investment in the national income accounts?
a. purchase of a new airplane by an airline b. purchase of a U.S. government bond c. purchase of 100 shares of Wal-Mart stock d. purchase of an existing house
A reduction in world oil supplies is likely to cause
A. an increase in equilibrium price level and an increase in real Gross Domestic Product (GDP). B. a reduction in aggregate supply, a rise in the equilibrium price level, and a fall in real Gross Domestic Product (GDP). C. an increase in aggregate demand and a decrease in the equilibrium price level. D. a decrease in equilibrium price level and an increase in real Gross Domestic Product (GDP).
Which type of property would be the most likely to experience pollution?
A. property held in partnership B. private property C. corporate property D. common property