The function of economic institutions is to:
a. determine the profit margin of producers.
b. determine how much an economy benefits from trade.
c. define the environment in which we can trade.
d. define the terms of trade between nations.
C
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What will be an ideal response?
Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens to the price of oil on the world market?
A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.
Personal income is:
a. total income received by households before taxes. b. the amount households have available for consumption, savings, and payment of personal taxes. c. national income minus corporate profits and Social Security (FICA) plus transfer payments, and other income. d. all of these.
If people move from the category "not in labor force" to the category "employed" then:
a. The unemployment rate falls, and the employment rate rises. b. The unemployment rate stays the same, and the employment rate rises. c. Neither the unemployment rate nor the employment rate changes. d. Labor force participation rate rises, the employment rate rises, and the unemployment rate rises. e. The employment rate and non-institutional population over 16 rise.