The unemployment rate is calculated as:
a. the number of officially unemployed persons divided by the number of officially employed persons
b. the number of officially employed persons divided by the number of officially unemployed persons.
c. the number of officially unemployed persons divided by the number of officially employed plus unemployed persons.
d. the number of officially unemployed persons divided by the population.
c
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Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith
In the U.S., the ________ and the ________ prohibit firms from explicitly agreeing to take actions that reduce competition
A) Department of Justice Act; Federal Trade Commission Act B) Sherman Antitrust Act; Federal Trade Commission Act C) Per Se Act; Sherman Antitrust Act D) Pareto Act; Anti-Cartel Act
When a service, such as medical care, is provided free of charge,
a. most people consume an infinite amount of it b. most people do not much care about getting good value for their money c. people do not derive any consumer surplus from it d. we say that the demand for it is perfectly elastic e. we say that the demand for it is perfectly inelastic
Assume an economy is in equilibrium at a real GDP of $5 trillion. If aggregate expenditure (AE) increases by $1 trillion, the economy's equilibrium real GDP is likely to _____
a. increase by $1 trillion b. increase by more than $1 trillion c. increase by less than $1 trillion d. decrease by $1 trillion e. decrease by more than $1 trillion