Which of the following statements is correct?
A. If poverty was eliminated there would be no reason to study economics.
B. Economics is a natural science.
C. Economic analysis can be used to explain how societies, but not individuals, make decisions.
D. In large measure, economics is the study of how people make choices.
Answer: D
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In recent years the labor force participation rate has been fairly stable
A) as has the labor force participation rate for males, females, minorities, and nonminorities. B) although the female labor force participation rate has fallen while the male labor force participation rate has increased. C) although the male labor force participation rate has fallen while the female labor force participation rate has increased. D) although the labor force participation rate of young adults has increased while the labor force participation rate of those in the 40-55 age classification has fallen.
FICA taxes and corporate retained earnings are subtracted from national income when personal income is computed
a. True b. False Indicate whether the statement is true or false
If the nominal interest rate is less than the rate of inflation, the real interest rate:
a. will be less than zero. b. will be equal to the nominal interest rate. c. will equal zero. d. will be greater than zero. e. will be equal to the rate of inflation.
Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, the long-run effect is most likely to be:
A. an increase in American imports, and a decrease in American exports. B. an decrease in American imports, and an increase in American exports. C. an increase in both American imports and exports. D. a decrease in both American imports and exports.