Each person who is 16 years or older is considered to be in one of the following categories:
A. employed, unemployed, or discouraged worker.
B. part-time worker, full-time worker, or out of the labor force.
C. part-time worker, full-time worker, or unemployed.
D. employed, unemployed, or not in the labor force.
Answer: D
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An individual holds $10,000 in a non-interest-earning checking account, and the overall price level rises significantly. Other things being constant, we would expect
A) the individual's real wealth to decrease and consumption to decline. B) no change in the individual's real wealth but a decline in real national product. C) the individual's stock of real wealth to decrease but real national income to increase. D) the individual's wealth to increase.
Affirmative action programs are intended to combat
A. poverty. B. economic inequality. C. discriminatory practices by employers. D. “comparable worth” systems of compensation.
The equation of exchange is M× V = P× Y.
Answer the following statement true (T) or false (F)
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.