A competitive market system promotes growth by providing producers with market signals on which to base investment and production decisions.
a. true
b. false
Answer: a. true
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Refer to Table 11.1. If exports decrease by 30, what is the new equilibrium level of output?
A) 1,700 B) 2,300 C) 6,800 D) 9,200
Suppose the price level decreases and real GDP remains the same. Then
A) nominal GDP must decrease. B) nominal GDP must remain unchanged. C) nominal GDP must increase. D) none of the above are true.
Evidence shows that for many people, delaying searching for a job for a year or longer after they are laid off will contribute to a deterioration of their job skills, making it harder for them to find employment
This deterioration in job skills and the subsequent retraining that is necessary to obtain employment relates to which type of unemployment? A) seasonal B) structural C) cyclical D) frictional
A friend wants to learn how the unemployment rate is calculated and how inflation is measured. He asks you which economics course to take and you advise him to enroll in
A) macroeconomics. B) microeconomics. C) either micro- or macroeconomics. They both concentrate equally on those issues. D) financial accounting because economics doesn't address those topics in its courses.