Which of the following categories account for the smallest fraction of unemployed workers?
a. Job leavers
b. Job losers
c. Reentrants
d. New entrants
d
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Refer to Figure 5-3. If consumers paid the full price of medical services, the equilibrium quantity would be
A) 400. B) 800. C) 1,200. D) > 1,200.
Output in the goods and services market will be sustained into the future
a. if aggregate demand and short-run aggregate supply are in balance. b. only when the prior choices of decision makers were based on a correct anticipation of prices. c. only when prices are rising. d. only when wage rates are declining.
Economic theory suggests that the standard of living of American workers would rise if
a. automation were outlawed. b. the minimum wage were doubled. c. technological change increased output per worker. d. a larger proportion of the labor force was unionized.
Suppose that voters in your community pass a one-cent sales tax increase to fund education, knowing full well they will have to forgo other goods they typically consume. This primarily addresses the economic question of:
A) How will each good be produced? B) For whom shall the goods be produced? C) Why will the resources be used to produce goods? D) What goods and services should a society produce?