Refer to Figure 4-1. What is the total amount that Arnold is willing to pay for 2 burritos?
A) $2.00 B) $4.50 C) $7.50 D) $10.00
B
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In a country with a working-age population of 300 million, 230 million workers are employed and 40 million workers are unemployed. What is the labor force participation rate?
A) 100 percent B) 90 percent C) 65 percent D) 5 percent
Because of the slope(s) of the ________, we can say that a decrease in the price level leads to a higher level of real GDP demanded
A) short-run and long-run aggregate supply curves B) short-run aggregate supply curve C) aggregate demand curve D) long-run aggregate supply curve
A tax system that applies a lower marginal tax rate at higher levels of income is
A) progressive. B) regressive. C) proportional. D) backward.
Why does increasing employment not necessarily increase living standards?
a. Productivity always increases as employment increases. b. Living standards and employment are always positively related. c. Increasing employment may not be accompanied by higher real wages d. There is no upper limit to labor force participation. e. Real wages are not adjusted for inflation.