The labor force consists of:
a. people more than 20 years old and who are looking for work.
b. people more than 16 years of age and older working or looking for work.
c. all adults above 18 years of age with job skills.
d. all working adults employed for more than forty hours a week.
b
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If there is currently a surplus of dollars, which of the following would you expect to see in the foreign exchange market?
A) There will be a decrease in the supply of dollars. B) The dollar will depreciate. C) The dollar will appreciate. D) There will be a decrease in the demand for dollars.
Price floors
A) provide free market incentives for producers. B) create surpluses by setting the price above equilibrium. C) create shortages by setting the price above equilibrium. D) are used by advocates of the free market.
A price ceiling is imposed in a market at $13, well below its equilibrium level. The equilibrium quantity is 27 units if the market was in equilibrium. Which of the following must be true?
a. There is an excess demand at $13. b. There is an excess supply at $13. c. The equilibrium price must be less than $13. d. Quantity supplied is greater than 27 units at $13. e. Quantity demanded is less than 27 units at $13.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A