In a small country, the adult population is 10,000. In that country, 7,000 people are in the labor force and 6,300 people are employed. The unemployment rate equals
A) 0.63 percent.
B) 7 percent.
C) 10 percent.
D) an undetermined amount given the lack of information.
C
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Increases in inflation redistribute resources from ________-spending to ________-spending households and hence, ________ short-run equilibrium output.
A. high; low; increase B. low; high; increase C. low; high; decrease D. high; low; decrease
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Many communist dictators ban the adoption of new technologies to:
A) enhance economic growth. B) discourage creative destruction. C) encourage creative destruction. D) reduce inequality in income.
The value added method of calculating GDP means
A. adding up the incomes of all businesses in a given year. B. adding up the difference between the sale price and the value of intermediate goods of each product at every stage of production. C. adding up the market values of all intermediate goods. D. calculating the percentage changes in the GDP between two years.