If Sam does not have a job and is NOT looking for work, he is considered:
A. unemployed and in the labor force.
B. unemployed and not in the labor force.
C. not in the labor force.
D. unemployed.
Answer: C
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If wheat farmers would receive a larger gross income from wheat sales when half the total wheat crop was destroyed, the demand for their wheat is
A) elastic. B) inelastic. C) larger at higher prices. D) smaller at higher prices. E) unit elastic.
Which of the following statements is true?
A) Marginal analysis is a key component in the process of optimization in levels. B) Only direct costs are considered when the net benefits of the alternatives are calculated. C) In both the techniques of optimization, all costs have to be converted to the same unit of measurement. D) Optimization in levels calculates the change in net benefits when a person switches from one alternative to another.
What was the decline in the value of mutual funds held by households during the depths of the financial crisis, between the third quarter of 2008 and the first quarter of 2009
A) $2 million B) $2 billion C) $200 billion D) $2 trillion
Which of the following arguments is typically associated with classical economists?
A) A market economy is self-correcting and thus will not remain in a recession indefinitely B) A market economy has stable prices and thus is usually free from inflation C) A market economy requires a strong government to ensure that the market meets the needs of the people D) A market economy needs only moderate assistance from the government to avoid an extended recession E) A market economy eventually results in monopolies in both the input and output markets