Distinguishing between stock measures and flow measures, the flow measures are
A. the number of people who lost their jobs and the number of people who found jobs only.
B. the labor force only.
C. the total number in the labor force and the total number of people who are unemployed only.
D. the total number of people who are unemployed only.
Answer: A
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Industrial production, total sales, nonfarm employment, and after-tax household income are examples of ________ indicators of economic activity.
A. coincident B. real C. preceding D. lagged
When the wage rate increases: a. all workers wish to work more hours
b. all workers wish to work fewer hours. c. the number of hours laborers wish to work does not change. d. some workers will wish to work more hours, and some will wish to work fewer hours.
Firms in a perfectly competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the
A. MC curve. B. LAC curve. C. AFC curve. D. AVC curve.
Rapidly increasing health costs have been a major political concern since at least 1992. Suppose the government sets the maximum price for a normal doctor's visit at $20 to control rising health costs but the current market price is $40. What will happen?
A) Fewer people will try to see the doctor, and fewer doctors are willing to see patients at that price. B) More people will be able to see the doctor, since the price is lower. C) More people will try to visit the doctor, but there will be fewer doctors willing to see patients at that price. D) The same number of people will try to visit the doctor, and the same number of doctors are willing to see patients at that price.