The labor force includes all of the following individuals who are 16 years or older EXCEPT
A. the unemployed.
B. the employed.
C. people who are retired and not actively seeking work.
D. people who have never been in the labor force but have just found a job.
Answer: C
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In the real intertemporal model with investment, there is intertemporal substitution with respect to
A) consumption and leisure. B) government spending. C) capital. D) current consumption.
The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.
According to traditional Keynesian analysis, if the economy is in a recession, the government can move it back towards full employment by
a. cutting taxes and increasing expenditures. The effect of the tax cut is larger. b. cutting taxes and increasing expenditures. The effect of the tax cut is smaller. c. raising taxes and decreasing expenditures. The effect of the tax increase is larger. d. raising taxes and decreasing expenditures. The effect of the tax increase is smaller.
In their pure forms, laissez-faire economies and command economies do not exist in the world.
Answer the following statement true (T) or false (F)