How big is the labor force? Employed 800, unemployed 200, not in labor force 50
What will be an ideal response?
1000 (employed + unemployed) exclude labor force
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When aggregate expenditure is given as Y= 600 + 0.5Y, short-run equilibrium output equals:
A. 800. B. 600. C. 400. D. 1,200.
A firm will hire a unit of input up to the point where
A) the marginal cost of the input equals the marginal cost of output. B) the marginal revenue product of the input is equal to the marginal factor cost of the input. C) the price of the input is equal to the price of output. D) the marginal physical product of the input is equal to the price of output.
Banks are required to keep a minimum level of reserves on hand. The intent of this regulation is
a. monetary control rather than bank safety. b. bank safety in case of bank runs. c. maintenance of bank profits. d. limiting the level of bank profits.
On a TE-TP diagram consider a level of Real GDP at which the vertical distance to the TE line exceeds the vertical distance to the 45-degree line. This level of Real GDP is __________ its equilibrium level, with __________
A) above; TE > TP B) above; TE < TP C) below; TE > TP D) below; TE < TP