Unemployment is a ________ concept, measuring the ________.
A. stock; number of people who are not working
B. flow; number of people who are first entering the labor force
C. flow; number of people who lost their jobs within the last week
D. stock; number of people at a point in time who are not working but who are looking for work
Answer: D
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A low rate of expected inflation tends to lead to a ________ rate of actual inflation and a high rate of expected inflation tends to lead to a ________ rate of actual inflation.
A. low; high B. low; low C. high; low D. high; high
The amount of corruption that occurs in a government is hard to measure because:
A. its costs are mostly indirect and nearly impossible to measure. B. it is illegal, and therefore hidden. C. the benefits subtracted from the costs often go to a small number of people and distort the reality. D. All of these are true.
Which of the following is not a characteristic of capitalism?
a. Private ownership of the factors of production. b. Businesses make their own product and price decisions. c. Public ownership of the factors of production. d. Decentralized decision-making using markets.
If the real wage is above the equilibrium level in the labour market:
a) The quantity demanded of labour is higher than the quantity supplied b) The quantity demanded of labour equals the quantity supplied c) The quantity demanded of labour is lower than the quantity supplied d) The real wage will automatically rise in the short run to bring about equilibrium