With a closed economy and no government spending, the total demand for output is equal to ________
A) consumption per-worker plus investment per-worker
B) consumption per-worker minus investment per-worker
C) consumption per-worker times investment per-worker
D) consumption per worker divided by investment per-worker
A
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If the number of people unemployed is 100, the number of people employed is 1000, and the working-age population is 1400, then the employment-to-population ratio is
A) 78.6 percent. B) 75 percent. C) 71.4 percent. D) 66.6 percent.
Under a system of barter
A) each individual trades output directly with another. B) only agricultural goods may be traded. C) goods may be traded for money, but money may not be traded for goods. D) currency is accepted for purchases, but personal checks are not.
Refer to Table 2-19. Which of the following statements is true?
A) Betty has an absolute advantage in making benches and Wilma in making statues. B) Wilma has an absolute advantage in making both products. C) Betty has an absolute advantage in making both products. D) Betty has an absolute advantage in making statues and Wilma in making benches.
The reason that some people make more money than others is explained mainly by
A. training and education. B. intelligence. C. inborn skills or physical attributes. D. all of the choices/statements are true.