Answer the following statements true (T) or false (F)
1. The highest unemployment rate in the United States in recent years has been among adult females.
2. Part-time workers who want full-time employment but cannot find it are considered underemployed.
3. Increases in the federal minimum wage directly affects only a small percentage of U.S. workers.
4. Because of increases in the minimum wage, new entrants into the labor force find it easier to find employment.
5. Many economists believe that increases in the minimum wage tend to create a labor surplus.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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While studying with your friend, your friend states, "Our leisure time increases GDP but lowers our economic welfare because it reduces the amount of goods and services we can consume." Is your friend's statement CORRECT?
What will be an ideal response?
Suppose output is $440 billion, government purchases are $40 billion, desired consumption is $320 billion, and net exports are $35 billion. Absorption is equal to
A) $405 billion. B) $420 billion. C) $435 billion. D) $440 billion.
With the creation of the Federal Deposit Insurance Corporation, member banks of the Federal Reserve System ________ to purchase FDIC insurance for their depositors, while non-member commercial banks ________ to buy deposit insurance
A) could choose; were required B) could choose; were given the option C) were required, could choose D) were required; were required
Which of the following transactions would be included in GDP for 2015?
a. On January 5, 2015, Chris Carter sold 100 shares of stock in IBM Corporation. b. Bonita Delgado purchases a new 2015 Chevrolet on March 10, 2015. c. Nadav Daniel buys a used desk from the "Struggling Students Used Furniture" store on May 9, 2015. d. Levi Lathan purchases a 75-year-old penthouse on Lake Shore Drive in Chicago, Illinois, on June 23, 2015.