QN=73 (17771) A transfer payment is
a. a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location.
b. a payment that is automatically transferred from your bank account to pay a bill or some other obligation.
c. a form of government spending that is not made in exchange for a currently produced good or service.
d. the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure.
c. a form of government spending that is not made in exchange for a currently produced good or service.
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The ________ is calculated as the number of people ________ divided by the labor force multiplied by 100
A) unemployment rate; unemployed B) employment-to-population ratio; unemployed C) employment rate; employed D) employment-to-population ratio; in the working age population
The scientific method is useful
a. only in fields of science such as chemistry and physics b. for testing the validity of theoretical predictions c. for testing the validity of a model's assumptions d. when no economic variables can be assumed to be constant e. only if a theory has been proven to be true
We assume that when a firm hires additional workers, the marginal physical product of labor will
A) increase because more workers can always get more work done. B) decrease because the new workers are likely to be less able than the previously hired ones. C) decrease because each worker now has less capital and other resources to work with. D) increase because large firms are more efficient.
If the economy is in a boom, the implementation lag is generally shorter for fiscal policy than for monetary policy, but if the economy is in a slump, the implementation lag is generally shorter for monetary policy than for fiscal policy.
Answer the following statement true (T) or false (F)