The unemployment rate is the number of people without a job:
A. and looking for work divided by the population.
B. divided by the population.
C. and looking for work divided by the labor force.
D. divided by the labor force.
Answer: C
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Which of the following is the smallest portion of the market basket of goods that makes up the CPI?
A) food and beverages B) apparel C) transportation D) housing
The factor payments measure of GDP
a. can be expressed as GDP = C + I + G + NX b. is found by summing all expenditures on intermediate and final goods and services during the year c. calculates how much value was added at each stage of production d. is found by summing all interest, rent, profit, and wages and salaries generated during the year e. calculates how much workers paid for goods and services during the year
Comparative advantage is always a(n) ________ concept
A) absolute B) efficiency C) relative D) monetary
Economists tend to believe that market incentive plans are generally more efficient than direct regulation.
Answer the following statement true (T) or false (F)