Which of the following is a part of the potential work force of a country?
A) People on active duty in the military.
B) Institutionalized people
C) Civilian non-institutionalized people aged 16 years and above
D) Children aged 15 and lower
C
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How would you best describe a manufacturing employee who has been fired because he was replaced by a robot (new technology) and does not have the skills necessary to help operate the robot?
A) job leaver B) entrant/reentrant C) cyclically unemployed D) structurally unemployed
If the public believes that the commitment to a nominal anchor is not credible, the effect of a positive aggregate demand shock is for ________
A) short-run aggregate supply to shift down B) short-run aggregate supply to remain unchanged C) short-run aggregate supply to shift up D) inflation, but not economic activity, to increase
Production through the firm is often more efficient than market exchange when
a. production requires many transactions among many resource owners b. production requires few transactions between two resource owners c. the cost of transacting business through market relations is less than the cost of undertaking the same activity within the firm d. inputs are easily identified, measured, priced, and hired e. the costs of determining inputs and negotiating contracts are low
Which of the following statements best describes the domestic beneficiaries of international trade?
a. Over time, the average person gains from international trade as a worker, but not as a consumer. b. Over time, the average person gains from international trade, both as a worker and as a consumer. c. Over time, the average person gains from international trade as a consumer, but not as a worker. d. Over time, the average person does not gain from international trade, either as a worker or as a consumer.