Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for
employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal
A) (30/80 ) × 100. B) (20/60 ) × 100. C) (20/100 ) × 100. D) (20/80 ) × 100.
C
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The practice of making choices using generalizations based on observable characteristics like race, gender, or age is called:
A. discrimination. B. means-testing. C. conditional cash transfers. D. None of these is true.
When economic profits are positive in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result. b. we would expect the market supply curve to shift to the right as a result. c. we would not expect any change in the market supply curve to result. d. we would expect that the market demand curve to shift right as a result
The net balance on the balance of payments accounts:
a. always shows a surplus. b. always shows a deficit. c. is always zero. d. is either positive or negative. e. is arrived at without considering omissions and errors in transactions.
Which of the following would NOT be included in this year's GDP?