Unemployment is a ________ concept, measuring the ________
A) stock; number of people who are not working
B) stock; number of people at a point in time who are not working but who are looking for work
C) flow; number of people who are first entering the labor force
D) flow; number of people who lost their jobs within the last week
B
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Given constant returns to scale between labor and output, if it takes 1 hour to make 10 yards of cloth, then 100 yards of cloth can be made in
A) 10 hours. B) 100 hours. C) 1000 hours. D) Can't tell without knowing how much capital is used.
The most comprehensive measure of aggregate output is
A) gross domestic product. B) net national product. C) the stock value of the industrial 500. D) national income.
Which of the following is NOT an example of a backup line of credit?
A) loan commitments B) overdraft privileges C) standby letters of credit D) mortgages
The local welfare committee of Wadonia are planning a new swimming pool that will be accessible to the public at no cost. The committee has requested all households in a 10-metre radius of the pool to contribute $50 each to cover the cost of construction. Unfortunately, the committee is having a hard time meeting its funding goal largely because of the free rider problem. One official suggested
that the free rider problem could be minimized by asking all households within a 15-metre radius to contribute to the construction fund. Which of the following is likely to be true? a. The plan will definitely work as the free rider problem will be minimized completely. b. The committee should reject this plan as the funding requirements will never be met. c. The local jurisdiction should impose a rule so that every individual in the locality has to pay for the pool. d. The plan might allow the pool to reach its funding, but the free rider problem will still exist.