In a modern dynamic economy such as the United States, full employment generally means
a. cyclical unemployment is present.
b. everyone (excluding teenagers) that would like to work is employed.
c. approximately 95 percent of the labor force is employed.
d. 100 percent of the labor force is either working or seeking work.
C
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Which of the following concepts is not included in the study of macroeconomics?
a. The unemployment level b. The inflation rate c. The real income d. The profit-maximizing condition e. The role of government
An argument against convergence is that law of diminishing marginal returns does not hold for
a. labor. b. physical capital. c. natural resources. d. technological improvements.
Which of the following would cause a decrease in the demand for U.S. dollars?
a. an economic boom in the United States b. an economic boom in Europe c. increased vacations in the United States by Europeans d. a recession in Europe
A beekeeper decides to locate her business on a plot of land that lies between an apple orchard and an elementary school. Which of the following is a positive externality that can result from the business?
a. The cost of the beehives to the beekeeper b. The possibility of the bees stinging the students at the school c. The bees helping to pollinate the orchard, leading to more fruit production d. The honey that is produced by the bees