Persons who do not hold a job, but are actively seeking work are considered:
a. out of the labor force
b. unemployed.
c. unemployable, and not counted in official statistics.
d. underemployed.
b
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A supply shock jolts the economy from one Phillips curve to another
Indicate whether the statement is true or false
In the third quarter of 2008, investment in the US totaled $1.4 trillion and in 2007, investment was $1.3 trillion. In addition, third quarter real GDP was $11 trillion. Suppose the MPC in the US is 0.8. ignoring the effects of imports and taxes, the multiplier is __________ and the change in investment will decrease equilibrium expenditure by __________.
a) 2; $1 trillion b) 5; $1 trillion c) 2; $200 million d) 5; $500 million
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
If a country is a net importer of a good, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. the same amount B. none C. less D. more