Gross domestic product for 2000 tries to measure the market value of all final goods and services produced in 2000 . But not everything produced in the economy gets onto the market
Indicate whether the statement is true or false
T
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When there is a recessionary gap:
a. Unemployment exceeds the natural rate of unemployment. b. Unemployment equals the natural rate of unemployment c. Unemployment is less than the natural rate of unemployment. d. Any of the above is possible.
A price floor set below the equilibrium price causes quantity supplied to exceed quantity demanded
a. True b. False Indicate whether the statement is true or false
Suppose the CPI in 1990 is 500, with 1967 as the base year. On average, how much money must be spent in 1990 to purchase the same quantity of goods and services that could have been bought with $10 in 1967?
A. $50 B. $5 C. $400 D. $500
Refer to the given figure and assumptions. If the government effectively prevents illegal immigrants from working in this labor market, the equilibrium wage and level of employment are, respectively:
(1) Employers in this market are willing and able to ignore minimum wage laws;
(2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless
otherwise stated, illegal immigration is not effectively blocked by the government.
A. $5.50 and 250,000.
B. $5.50 and 350,000.
C. $8.00 and 350,000.
D. $5.50 and 450,000.