The official unemployment statistics may exaggerate the significance of unemployment by including the
A. Phantom unemployed.
B. High school dropout.
C. Discouraged worker.
D. Underemployed.
Answer: A
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Other things equal, a marginal propensity to import of 0.8 implies that a $100 million increase in domestic income will lead to an $80 million decrease in net exports
a. True b. False Indicate whether the statement is true or false
Minimum wage legislation
a. sets a price ceiling above the market-clearing price b. has no impact if the minimum wage is above the market-clearing price c. affects every worker in every trade in precisely the same way d. creates some degree of unemployment when the minimum wage is above the equilibrium wage e. is opposed by organized labor
With the value of money on the vertical axis, the money supply curve is
a. upward-sloping. b. downward-sloping. c. horizontal. d. vertical.
A $2,000 decrease in investment will shift the aggregate expenditures curve down by:
A. exactly $2,000 and will decrease the equilibrium level of real GDP by exactly $2,000. B. exactly $2,000 and will decrease the equilibrium level of real GDP by less than $2,000. C. exactly $2,000 and will decrease the equilibrium level of real GDP by more than $2,000. D. less than $2,000 and will decrease the equilibrium level of real GDP by less than $2,000.