Suppose the population (age 16 and over) of Guatemala is 100 million; 5 million are unemployed, and 70 million hold jobs. The employment/population ratio of Guatemala is
a. 5 percent.
b. 65 percent.
c. 70 percent.
d. 85 percent.
C
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The O-ring theory places emphasis on
a. education of the labor force. b. skill complementarities. c. purchases of machinery and equipment by firms. d. none of the above.
Which of the following is false?
a. Rational expectations theory suggests that government economic policies designed to alter aggregate demand to meet macroeconomic goals are of very limited effectiveness, because when policy targets become public, people will alter their own behavior from what it would otherwise have been, and in so doing, they largely negate the intended impact of policy changes. b. If changes in inflation surprise people, they will have little effect on unemployment or real output in the short run. c. An unanticipated increase in AD as a result of an expansionary monetary policy stimulates real output and employment in the short run, but an anticipated increase in AD does not. d. Unanticipated increases in AD expands output and employment in the short run, but only increases the price level in the long run.
In the area of business, rent-seeking often involves
a. the use of resources to construct high-priced rental housing. b. the use of resources to secure and maintain a grant of monopoly power from the government. c. an agreement between firms to raise prices and limit entry. d. an agreement between a firm and a customer that makes both parties better off.
Over time, technological change has:
A. reduced both the price elasticity and income elasticity of the demand for farm products. B. reduced the minimum efficient scale of production in agriculture and increased the prices of farm products. C. increased both price elasticity and income elasticity of the demand for farm products. D. increased the minimum efficient scale of production in agriculture and reduced the prices of farm products.