Someone was just laid off from a job. Given what you know about the unequal distribution of civilian unemployment, to which of the following groups does this person most likely belong?
A. white male with a bachelor's degree
B. African American female with a bachelor's degree
C. Hispanic female with a high school diploma
D. African American male teenager with less than a high school diploma
Answer: D
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A theory is an abstraction used often by economists to
A. describe a problem. B. keep all assumptions in their proper places. C. explain why things work the way they do. D. describe a hierarchical ordering of facts. E. arrange variables into a graphical format.
P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
P-TV will air a sitcom:
A. never. B. only if QRS-TV is airing a reality show. C. no matter what QRS-TV does. D. only if QRS-TV is also airing a sitcom.
If consumption spending increases because people feel more confident about the future,
A) aggregate demand will shift to the left. B) aggregate demand will shift to the right. C) aggregate supply will shift to the left. D) aggregate supply will shift to the right.
Which of the following factors is not a major cause of long-term economic growth?
a. Advancements in technology & innovation b. Constructive labor-management relations c. Expansionary monetary policy d. Effective corporate governance policies e. Government institutions and policies to improve economic efficiency