Which of the following is TRUE about the labor force?
A. It includes those over 16 ages old and are employed.
B. It includes those over 16 ages old and are unemployed.
C. Both A and B are correct.
D. None of these is correct.
Answer: C
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Use the following graph, which shows the supply and demand for British pounds, to answer the next question.
D1 and S1 represent the initial demand and supply curves. If the supply of British pounds in the foreign exchange market shifts to S3, and the British government wants to fix the exchange rate at its initial level, then it should ________.
A. buy U.S. dollars to add to its reserves B. sell U.S. dollars out of its reserves C. buy British bonds in the open market D. sell British pounds in the foreign exchange market
The extent to which investment spending changes with changes to income is called the:
A) marginal propensity to consume. B) marginal propensity to save. C) marginal propensity to import. D) marginal propensity to invest.
Differences in resource endowments are differences in
a. tariffs charged by each country b. consumption patterns across nations c. production patterns across nations d. the quantity, but not the quality, of resources available in different nations e. the quality and quantity of resources available in different nations
Macroeconomics is best described as a study of ____ and microeconomics as a study of ____.
A. financial markets, specific markets B. nations, individuals C. the stars, solar system D. abstract, concrete