A review of occupational distribution of population from time to time helps us to know the
A. rate of which the population grows
B. number of people that makes up the labour force
C. efficiency of the working population
D. industries which are becoming less important
E. number of people that are bot employed
Ans: B. number of people that makes up the labour force
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A firm is operating with an optimal combination of inputs. Suddenly the price of one input rises. The firm should
A. buy less of that input and more of the other input. B. change its input mix so that the marginal physical product of the input whose price has risen falls and the marginal physical product of the other input rises. C. buy less of whichever input now has the highest money price and more of the other input. D. reduce its output.
When the price of a key input increases suddenly, it causes:
A. cost push inflation. B. the business cycle to become sporadic. C. demand pull inflation. D. the velocity of money to rise.
An application of behavioral economics is:
A. thinking irrationally about costs. B. time inconsistency. C. forgetting the fungibility of money. D. All of these are applications of behavioral economics.
The Federal Reserve has indirect control over short-term interest rates, and, as a result, their ability to control economic activity is through
A. residual demand. B. the exchange rate. C. aggregate supply. D. aggregate demand.