Jack just received a promotion at work and now works 50 hours per week instead of 35. As a result,
A) the unemployment rate increased.
B) the unemployment rate decreased.
C) the labor force participation rate increased.
D) neither the unemployment rate nor the labor force participation rate changed.
Answer: D
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The output of U.S. citizens who work in Canada would be included in the
A) gross domestic product of the United States. B) gross domestic product of Canada. C) gross national product of Canada. D) gross national product of Canada and the gross national product of the United States.
"All available information" in the definition of rational expectations means that
a. agents use all possible information that could be out there. b. agents use all possible public information that could be out there. c. agents use all information that is relevant. d. agents use all information that is available in which the marginal benefits of the information are greater than the marginal costs of gathering the information.
Exhibit 5-5 Gross domestic product data National income accountBillions ofdollars Depreciation$ 500 Net interest 2,000 Compensation of employees 6,000 Profits 1,500 Rental income 200 Indirect business taxes 800 Net exports 1,000 As shown in Exhibit 5-5, using the income approach, gross domestic product (GDP) is:
A. $8,000 billion. B. $8,800 billion. C. $9,400 billion. D. $11,000 billion.
The rich pay a _____ proportion of their income and a _____ dollar amount of federal income tax than the middle class.
A. higher; higher B. lower; lower C. higher; lower