Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force.
b. considered frictionally unemployed.
c. an underemployed worker.
d. not counted as part of the labor force.
e. considered as productively active.
D
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An important problem with the gold standard was that
A) it was too complicated and restricted business activity. B) a country did not have control of its domestic monetary policy. C) exchange rates tended to fluctuate a great deal, making it difficult for businesses to make long-run plans. D) one country could easily manipulate the system to its advantage and the disadvantage of other countries.
Land, labor, and capital are examples of factors of production
a. True b. False Indicate whether the statement is true or false
A plumber who specializes in cleaning plugged sewer lines is typically paid a higher wage than a plumber who works on installing water systems in new residential housing. Which of the following would push the wages of plumbers who work on sewer lines higher?
a. Plumbers who work on new residential housing require more training than plumbers working on sewer lines. b. Plumbing jobs that involve sewer lines are likely to have a high element of personal satisfaction. c. Plumbers who work with sewer lines are more likely to work the day shift. d. plumbers who work with sewer lines are likely to be perceived as having a "dirty" job.
A commercial bank has actual reserves of $1 million and checkable-deposit liabilities of $9 million, and the required reserve ratio is 10%. The excess reserves of the bank are
A. $900,000. B. $1 million. C. $100,000. D. $50,000.