The rate of unemployment is the:
(a) Percentage of the population that is out of work;
(b) Percentage of the population of "working age" that is out of work;
(c) Percentage of the labour force that is out of work;
(d) Both (b) and (c) are correct.
Answer: (d) Both (b) and (c) are correct.
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Refer to Figure 17-1. Suppose that the economy is currently at point A. If the Federal Reserve engaged in expansionary monetary policy, where would the economy end up in the short run?
A) It would remain at point A. B) point B C) point C D) point D E) point E
Economists who believe the supply-side effects of tax cuts are small essentially believe that
A) tax cuts mainly affect aggregate demand. B) tax cuts will result in relatively small changes in the price level. C) tax cuts mainly affect aggregate supply. D) tax cuts will increase the quantity of labor supplied.
When decisions are made by majority rule, the individual consumption-payment link is broken
a. True b. False Indicate whether the statement is true or false
In the unemployment rate, part-time workers are: a. not included in the labor force
b. included in the labor force, but counted as unemployed. c. treated the same way as discouraged workers. d. included in the labor force and counted as employed.