Each of the following is an example of an economic resource except
A. land.
B. money.
C. capital.
D. labor.
B. money.
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What does it mean if the purchasing power in 1950 was 4.15 relative to the 1982 base year?
a. It took $4.15 in 1950 to buy what $1 bought in 1982. b. The average price level in 1982 was five times as high as in 1950. c. $4.15 in 1950 had the same nominal money value as $1 in 1982. d. It took $4.15 in 1982 to buy what $1 bought in 1950. e. Nominal prices have increased by more than 400 percent between 1950 and 1982, but the real value of money has not changed.
For any change in net taxes, we can calculate the resulting change in equilibrium GDP by using the following formula:
a. change in GDP = -MPC/(1 - MPC) b. change in GDP = [-MPC/(1 - MPC)]? change in taxes c. change in GDP = MPC ? change in taxes d. change in GDP = MPC/(1 - MPC) e. change in GDP = [-MPC/(1 - MPC)] + change in taxes
Who is counted as employed or unemployed in the unemployment statistics? What groups in society are not represented at all in the unemployment statistics (i.e., who is not a part of the civilian labor force)? How is the unemployment rate measured?
The term market always refers to
a. an arrangement in which buyers and sellers meet at a specific time and place. b. an arrangement in which an auctioneer plays at least a limited role in setting prices. c. a group of buyers and sellers of a particular good or service. d. All of the above are correct.