The labor force is the
A) total population divided by the number of employed people.
B) number of employed people plus the number of unemployed people.
C) working-age population minus the number of unemployed people.
D) number of employed people minus the number of unemployed people.
E) number of employed people in the working-age population.
B
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The short-run industry supply curve is found by
A) taking the inverse of the industry demand curve. B) horizontally summing the average total cost curve of all firms in the industry. C) adding up the quantities supplied at each price by each firm in the industry. D) adding up the quantities supplied at each price by each of the firms in the industry that are making a profit.
Which of the following would lead to stagflation?
a. demand-pull inflation b. cost-push inflation c. both of the above d. none of the above
When a bank makes a loan by crediting the borrower's checking account balance with an amount equal to the loan:
A. the bank gains new reserves. B. the Fed has made an open-market purchase. C. money is created. D. the bank immediately loses reserves.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.