Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?
a. 0.846 million
b. 0.9 million
c. 1.5 million
d. 6 million
b
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The sale of financial assets, such as stocks and bonds, is ________.
A. not included in GDP, because they do not increase domestic production B. not included in GDP, because they do not increase domestic wealth C. included in GDP, because they increase domestic wealth D. included in GDP, because they raise domestic production
Wages typically vary among individuals for all of the following reasons, except one. Which is the exception?
a. differences in ability b. geographical differences in the cost of living c. differences in educational attainment d. differences in labor market experience e. differences in the prices of the goods produced by labor
The higher the interest rate:
A. the greater the level of inflation. B. the smaller the present value of a future amount. C. the greater the present value of a future amount. D. None of the statements associated with this question are correct.
Modern traditional economics relies on complex models that are easy to test in real life.
Answer the following statement true (T) or false (F)