Matt loses his job and decides to sit on the beach rather than looking for work the next few months. Other things the same, the unemployment rate
What will be an ideal response?
increases, and the labor-force participation rate decreases
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If a $30 increase in U.S. exports to France causes a $150 increase in U.S. national income, the value of the marginal propensity to consume in the U.S. is
a. 5 b. 0.20 c. 3 d. 0.80 e. not discernible given the information provided
After Hurricane Katrina, construction wages in New Orleans rose partly because of the loss of a working population
a. True b. False Indicate whether the statement is true or false
In the macroeconomic model of aggregate supply and aggregate demand, quantity is:
A. represented by GDP. B. a measure of total output. C. the measure of the value of all goods and services produced by the economy. D. All of these are true.
The term "real" as opposed to "nominal" means that economists are making adjustments for
A) inflation. B) opportunity cost. C) resource scarcity. D) none of the above.