If an economist were to disregard unionized government employees, then current U.S. labor market statistics would show that _________
a) 10% of the workers employed by private firms work for a union.
b) 80% of the workers employed by private firms aren't unionized.
c) 8% of the workers employed by private firms work for a union.
d) 98% of the workers employed by private firms aren't unionized.
Answer: c) 8% of the workers employed by private firms work for a union.
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The short-run aggregate supply line is:
A. upward sloping. B. downward sloping. C. horizontal at the current rate of inflation. D. vertical at the economy's potential output.
A rise in the price level causes
A) a reduction in total planned real expenditures. B) an increase in aggregate demand. C) an increase in total planned real expenditures. D) a decrease in aggregate demand.
The labor force is defined as the number of people who
A) are employed plus the number of people who are unemployed. B) are available and looking for work but are unable to find employment. C) would like to have a job but have stopped seeking work. D) would like to have a full-time job but are working part time. E) are employed minus the number of people who are unemployed.
In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.