The law of demand says that the lower the price, the
a. greater is the quantity demanded
b. greater is the demand for the good
c. smaller is the demand for the good
d. smaller is the quantity demanded
e. larger is the supply of the good
A
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Which of the following is the correct formula for determining the civilian unemployment rate?
a. [(the number of unemployed, working-age civilian seeking work)/(the number of civilian in the labor force)] x 100. b. C + I + G + (X-M). c. The total number of unemployed, working-age civilians seeking work. d. (The number of civilian in the labor force) x 100.
In the indifference curve-budget line model of labor supply, the vertical intercept of the budget line represents
a. the worker's nonlabor income. b. the wage rate paid to the worker. c. the number of leisure hours enjoyed by the worker. d. the number of hours of labor that the worker supplies.
Which of the following statements is most correct?
A. Fisher's assumption about money velocity being stable in the long run was incorrect. B. The velocity of M2 is relatively stable across all time periods. C. The velocity of M2 is less stable than the velocity of M1. D. The velocity of M2 is more volatile in the short run than the long run.
High rates of saving and investing in the private sector promote economic growth by:
A. increasing human capital. B. improving technology. C. improving the social and legal environment. D. increasing physical capital.