The ________ equals the number of ________
A) labor force; persons over 16 years old
B) labor force; unemployed and employed persons
C) working age population; employed persons
D) unemployment rate; people unemployed
B
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Initially, demand-pull inflation will
A) increase both the price level and increase real GDP. B) shift the aggregate supply curve rightward. C) decrease potential GDP. D) increase the price level and decrease real GDP. E) increase the price level and not change real GDP.
With respect to labor supply, the income effect leads a person to want to work more in order to raise his or her income
Indicate whether the statement is true or false
Persistent U.S. deflation between 1879 and the mid-1890s was primarily due to the fact that the ___________ was growing faster than the _________
a. supply of money; demand for money b. demand for money; supply of money c. demand for money; demand for goods d. demand for goods; supply of money
If something is used as a measure of value, then a necessary condition is that it must
a. serve as a yardstick for measuring the value of other goods b. be a precious metal, such as gold or paper money c. be convertible into gold d. be used in barter exchange e. be accepted as payment for any purchase