GDP estimates expenditures for which of the following items?
A. "Psychic income" people derive from their work
B. Do-it-yourself activities
C. Household spending for health and home insurance
D. Purchases of illegal drugs by addicts
Answer: C
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The highest unemployment rate in U.S. history was about
A) 10.2 percent in 2009. B) 5.9 percent in 1972. C) 10 percent in 1982. D) 25 percent in 1933. E) 52 percent in 1939.
Typically, division of labor and specialization result in
a. increases in labor productivity b. decreases in the marginal physical product of labor c. decreases in the marginal revenue product of labor d. decreases in the total output produced by labor e. decreases in efficiency because workers are laid off
If the government raises government expenditures, then in the short run prices
a. rise and unemployment falls. b. fall and unemployment rises. c. and unemployment rise. d. and unemployment fall.
Sound career decision-making involves
A) finding the things you enjoy without regard for whether you do them well. B) figuring out the things you do best without regard to whether you find them personally enjoyable or fulfilling. C) figuring out the things you do best, enjoy, and find fulfilling. D) only monetary considerations.