A consequence of the economic problem of scarcity is that
A. The production of goods and services must be controlled by the government.
B. Choices have to be made about how resources are used.
C. The production possibilities curve is bowed outward.
D. There is never too much of any good or service produced.
Answer: B
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The unemployment rate in an economy is 7.5%. The total population of the economy is 250 million and the size of the civilian labor force is 180 million. The number of employed workers in this economy is
A. 174.6 million. B. 13.5 million. C. 15.7 million. D. 166.5 million.
In dollar value, the nominal GDP in the United States is
a. between 5 and 6 billion. b. between 8 and 9 billion. c. between 8 and 10 trillion. d. between 13 and 15 trillion.
Assume a market is perfectly competitive. When a new producer enters the market, the
a. price in the market increases. b. price in the market decreases. c. price in the market does not change. d. market is no longer a competitive market.
Which of the following is a lesson concerning shifts in aggregate demand?
a. they contribute to fluctuations in output. b. in the long-run they change real output, but not the price level. c. policymakers are unable to mitigate the severity of economic fluctuations. d. All of the above are correct.