Which of the following would be considered unemployed?
What will be an ideal response?
Janice, a senior in college, started job hunting early in the hope that she would have secured a job by the time she graduates in May.
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As a tool that is used to measure inequality in the distribution of income, the Lorenz curve graphs
A) the cumulative percentage of income against the cumulative percentage of households. B) the percentage of total income received by each given percentage of households. C) the mean income, median income, and mode income against the percentage of households. D) the mean income received by households over time.
When determining inflation, the price level in each period is typically reported as an index number, rather than as the _______________ amount for buying the basket of goods.
a. total b. relative c. dollar d. combined
Suppose investment is equal to $950 billion, purchases of newly produced capital goods is $670 billion, and changes in business inventories is -$120 billion. What does purchases of new residential housing equal?
A. $1,500 billion B. $100 billion C. $160 billion D. $400 billion
Based on economic theory, which statement is incorrect regarding the causes of pollution?
A. A pricing system failure B. The public interest requires that pollution to be reduced below its market level. C. A firm pollutes the air and water because it is not charged for their use. D. The levels of pollution in former centrally planned economies are better maintained than in market economies.