An aggregate is a collection of ___________.
a. general economics units treated as many units
b. specific economic units treated as if they were one unit
c. specific economic units treated as if they were many units
d. general economic units treated as if they were one unit
b. specific economic units treated as if they were one unit
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If a country's GDP increases and all other variables remains constant, ________
A) its income per worker will increase B) its income per capita will fall C) its GNP will fall D) its trade surplus will increase
Over the last 50 years, in the United States the labor force participation rate for women ________, the labor force participation rate for men ________, and the over-all labor force participation rate ________
A) increased; decreased; increased B) did not change; increased; increased C) increased; decreased; did not change D) decreased; increased; increased E) increased; did not change; increased
Which of the following is the most realistic example concerning economic policy?
a. An economist accurately predicts how unemployment rates will change next year. b. An economist knows if the money supply increases 3 percent, interest rates will decrease 3 percent. c. An economist predicts the exact effect an expansionary policy will have. d. An economist believes interest rates will increase next year but is not absolutely sure.
What is the definition of the unemployment rate? How are part-time workers and discouraged workers treated when calculating the unemployment rate?
What will be an ideal response?