In a small town of 100 people, there are 10 children under 16, 10 retired people, 60 people with full-time jobs, 3 people with part-time jobs, 3 full-time students over 16, and 4 full-time homemakers. The remaining people did not have jobs, but wanted jobs. What is the unemployment rate in this town?
A. 10.0%
B. 14.5%
C. 11.0%
D. 13.7 %
Answer: D
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A likely example of substitute goods for most people would be
a. peanut butter and jelly. b. tennis balls and tennis rackets. c. televisions and subscriptions to cable television services. d. pencils and pens.
"Gasoline purchases were up 10% last week, even though gasoline prices were 6 cents higher than the week before! You see, the law of demand does not hold for gasoline!" What is being misunderstood in the above statement?
A) Nothing at all. B) It implies the demand curve for gasoline is vertical. C) It fails to recognize that the demand curve has shifted to the right. D) It fails to hold constant all the other factors that influence demand.
An active stabilization policy designed to limit the size of government would
a. raise G to eliminate a recessionary gap and lower taxes to eliminate an inflationary gap. b. raise G to eliminate a recessionary gap and raise taxes to eliminate an inflationary gap. c. reduce taxes to eliminate a recessionary gap and raise G to eliminate an inflationary gap. d. reduce taxes to eliminate a recessionary gap and reduce G to eliminate an inflationary gap.
Monetary policy operations for central banks are run through changes in the liability category of:
A. currency. B. government's accounts. C. gold. D. reserves.