The number of people employed equals
A. the number of people unemployed divided by the labor force.
B. the labor force minus the number of people unemployed.
C. the labor force plus the number of people unemployed.
D. the number of people unemployed minus the labor force.
Answer: B
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Which of the following pairs best represents complementary goods?
a. leather shoes and leather boots b. leather shoes and shoe laces c. leather shoes and leather sandals d. leather shoes and cow hides e. leather shoes and fabric shoes
If the Fed doubled the money supply in one day, the amount of goods and services traded would:
A. decrease. B. collapse. C. not change. D. increase.
________ is an increase in the price level, while ________ is an increase in the price of one good in comparison to other goods and services.
A. Hyperinflation; inflation B. Inflation; hyperinflation C. Inflation; a relative price increase D. A relative price increase; inflation
A good economic model
a. is as simple as possible, including only necessary details b. is as complex as possible, including many details c. represents reality as concretely as possible d. tries to be as detailed as the reality it is describing e. is very detailed regardless of its purpose