When output increases by 1%, the unemployment rate ________ in the short run because as output increases, the size of the labor force increases.
A. tends to rise by 1%
B. does not tend to fall by 1%
C. tends to fall by 1%
D. tends to rise by less than 1%
Answer: B
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Data collected on the same observation unit at a number of points in time are called:
A) cross-section data. B) time series data. C) panel data. D) none of the above.
Federal transfers are expected to grow significantly in the coming decades, due especially to increases in ________
A) federal government consumption B) federal deficits C) Medicare and Medicaid D) Social Security payments
A product can be classified as an inferior good if an increase in the income causes
a. A decrease in the quantity demanded b. A decrease in demand c. An increase in demand d. An increase in the quantity demanded.
Under which of the following circumstances would private saving be positive in a closed economy?
A) Y = $10 trillionC = $5 trillionTR = $2 trillionG = $2 trillionpublic saving = $1 trillion B) Y = $9 trillionC = $5 trillionTR = $1 trillionG = $1 trillionpublic saving = $3 trillion C) Y = $8 trillionC = $2 trillionTR = $4 trillionG = $2 trillionpublic saving = $4 trillion D) Y = $6 trillionC = $2 trillionTR = $8 trillionG = $3 trillionpublic saving = $1 trillion