Which of the following people would be considered unemployed?
(a) A person who stayed home to raise his children and now starts looking for a job.
(b) A person who quits a job to return to school full time.
(c) A person who is qualified to teach but is driving a bus until a teaching job is available.
(d) A person who works two part-time jobs but is looking for a full-time job.
Answer: (a) A person who stayed home to raise his children and now starts looking for a job.
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"Supply creates its own demand" implies that
A) the very act of supplying a particular level of goods and services will not necessarily equal the level of goods and services demanded. B) the very act of demanding a particular level of goods and services necessarily equals the level of goods and services supplied. C) the very act of supplying a particular level of goods and services necessarily equals the level of goods and services demanded. D) the government will buy up any surplus of goods and services in a country to avoid economic problems.
In the short run, the equilibrium level of real GDP
A) is necessarily less than potential GDP. B) is necessarily equal to potential GDP. C) is necessarily greater than potential GDP. D) could be less than, equal to, or greater than potential GDP.
The principles of economics cannot explain which of the following:
A. Why people choose to work or go to college. B. Why a country might prosper. C. How the value of money changes over time. D. How the temperature index is measured.
If the stock price of a company is higher than the discounted value of its future earnings,
a. Buy the stock only if the company has a sustained competitive advantage b. Don't buy the stock, even if the company has a sustained competitive advantage c. Always buy the stock d. None of the above