If government tax revenues change automatically and in a countercyclical direction over the course of the business cycle, this would be called a(n):
A. expansionary fiscal policy.
B. nondiscretionary fiscal policy.
C. discretionary fiscal policy.
D. political business cycle.
Answer: B
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The price for a unit of labor is the wage rate. What happens to the quantity of labor demanded if the wage rate increases?
A. It increases. B. It decreases. C. It does not change. D. The outcome depends upon the supply of the good.
The ________ is the number of unemployed divided by the labor force and the ________ is the number of employed divided by the adult population
A) unemployment rate; employment rate B) unemployment rate; employment ratio C) unemployment ratio; participation rate D) discouraged worker ratio; employment rate
Suppose Slow Ketchup requires that, as a condition of purchase, all restaurants using its product must buy and make available its new sales product. This arrangement is an example of:
A. price-fixing. B. an interlocking directive. C. a tying contract. D. price discrimination.
Economics is the study of
A. why some people want certain goods and services. B. the allocation of scarce resources to satisfy unlimited wants. C. ways to use fewer resources. D. earning the most income.