Who from among the following would be classified as out of the labor force?
A. A person who is willing to work but has not looked for a job in two months.
B. A person who is willing to work and has looked for a job in the last week.
C. A person with a part-time job who wants and is looking for a full-time job.
D. None of these people would be classified as out of the labor force.
Answer: A
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An expenditure schedule that lies below the full employment level of GDP will cause
a. rising prices. b. increasing output. c. falling inventories. d. falling prices.
A good is considered to be a public good if it
a. is a good produced by the government sector. b. is both nonrival-in-consumption and nonexcludable. c. benefits only a small group of consumers but is very costly to produce. d. is a good whose production is financed by tax revenue.
Relative to a profit-maximizing competitively organized industry that is producing 3,000 units of output at a price of $5 per unit, a monopoly under the same circumstances would produce ________ units of output and charge a price of ________ per unit.
A. less than 3,000; more than $5 B. less than 3,000; less than $5 C. 3,000; $5 D. more than 3,000; more than $5
The measure or value upon which a tax is levied is the
A. tax base. B. tax incidence. C. tax rate. D. tax structure.