GDP equals
A) aggregate expenditure.
B) aggregate income.
C) the value of the aggregate production in a country during a given time period.
D) all of the above.
D
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If the Naval Research Laboratory fired a chemist and the Environmental Protection Agency hired her at the same salary, the net effect of these events would cause _____ in aggregate demand
a. an increase b. an increase c. a decrease d. a decrease e. no change
Refer to Figure 9.4. In the long run, how much should the firm produce at the price P3?
A. 0
B. Q1
C. Q2
D. Q3
We would be most likely to experience a shift from one Phillips curve to another if the government attempts to
a. reduce the unemployment rate and workers, fearing inflation, react by bargaining for higher wages b. reduce the unemployment rate and consumers, fearing higher taxes, cut their spending c. reduce the unemployment rate and firms hire more employees without having to raise wage rates d. reduce the unemployment rate and the inflation rate simultaneously e. reduce the inflation rate and firms respond by making no employment changes
The adult non-institutionalized population in the town of Bedrock is 75 thousand. Within Bedrock, 5 thousand are unemployed, and 40 thousand are employed. Calculate the number of people not in the labor force