Which of the following statements is true?
A. If the number of unemployed falls and the number of people in the labor force rises, the unemployment rate falls.
B. Both liberals and conservatives feel that the official unemployment rate is too low.
C. Greater participation by young people in the labor force tends to push the unemployment rate down.
D. The unemployment rate for blacks is virtually the same as it is for whites.
A. If the number of unemployed falls and the number of people in the labor force rises, the unemployment rate falls.
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
If the personal assets of the owners can be claimed if the business is bankrupt, the owners are said to have
A) a corporation type of business. B) limited liability. C) separation of ownership from control. D) unlimited liability.
Which of the following factors contribute to economic growth?
a. growth in physical capital b. technological advances c. an increase in the productivity of labor d. all of the above
The marginal productivity principle has relevance only in a capitalist economy, and not in a socialist system
a. True b. False Indicate whether the statement is true or false