Suppose the official unemployment rate is 10 percent. Which of the following is a definite conclusion to draw?
What will be an ideal response?
One of every ten people in the labor force is currently unemployed
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Which of the following "quotations", according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism?
a. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down.". b. "An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion.". c. "The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money.". d. "The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times.".
The horizontal summation of individual demand curves gives the market demand curve for a public good
a. True b. False Indicate whether the statement is true or false
Which of the following types of financial institutions is required to belong to the Federal Reserve System?
A. national banks B. state-chartered banks C. savings and loan institutions D. credit unions
Geneva is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 36. Geneva's utility is only maximized if
A. the price of good X is twice that of good Y. B. the price of good Y is twice that of good X. C. the prices of X and Y are the same. D. We cannot determine whether Geneva is maximizing her utility.