The term "unemployment" is best described as the total number of
A. people who have been laid off and have stopped looking for work.
B. adults who are looking for work but have not found a job.
C. adults who work fewer hours than they wish to work.
D. people not working.
Answer: B
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Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000, and suddenly there was a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and more rental units available on the market. b. The shortage occurred because demand decreased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand increased, and a new market equilibrium will feature higher rental prices and fewer rental units available on the market. d. The shortage occurred because supply increased, and a new market equilibrium will feature lower rental prices and fewer rental units available on the market.
Shanda is a policymaker for the government. If her goal is to increase the equilibrium quantity of loanable funds while lowering real interest rates, what type of program should she pursue?
a. help researchers create a profitable technological breakthrough b. enact an investment tax credit c. eliminate an investment tax credit d. enact a saving incentive
Which of the following statements best reflects Keynes' view of the aggregate supply curve?
A. It tends to be vertical, because the economy naturally tends toward equilibrium positions of full employment. B. It tends to be upward sloping (but not vertical), because as we try to produce more output out of our given resources, some labor has to work overtime at higher pay, driving up costs and prices. C. It tends to be horizontal during periods when substantial amounts of resources are unemployed. D. It tends to slope downward and to the right reflecting people's natural tendency to postpone purchases when they lose their jobs.
The use of goods and services for personal satisfaction is known as
A. production. B. the formation of capital goods. C. personal investment. D. consumption.