Suppose that last week 100,000 people lost their jobs or quit. We can say that
A. the number of unemployed increased by less than 100,000 people because we should not count those who quit their jobs.
B. the number of unemployed increased by 100,000 people.
C. the 100,000 people represent a stock known as the new unemployed.
D. the 100,000 people represent a flow known as job departures.
Answer: D
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If marginal cost is rising in a competitive firm's short-run production process and its average variable cost is falling as output is increased, then which statement is true?
a. Marginal cost is above average variable cost. b. Marginal cost is below average fixed cost. c. Marginal cost is below average variable cost. d. Average fixed cost is constant.
Which of the following would lead to an increase in the demand for computer software?
a. a decrease in the price of computer software b. a decrease in the price of personal computers c. an decrease in the cost of producing computer software d. an decrease in personal income
Which of the following is correct? In the 1990's
a. the Fed maintained low inflation because it had to follow a policy rule. b. the Fed maintained low inflation even without being required to follow a policy rule. c. the Fed was not required to follow a policy rule and let inflation move higher. d. the Fed was required to follow a policy rule, but it provided the Fed enough discretion that inflation moved higher.
Peter Theil sees monopolies as:
A. solving a unique problem for consumers. B. bad for business. C. bad for consumers. D. bad for society.