Which of the following applies to discouraged workers?
(A) They are included in the unemployment rate.
(B) They are workers who were injured on the job and can no longer work.
(C) They are workers who move to another country to look for work.
(D) They are not included in the unemployment rate.
Ans: (D) They are not included in the unemployment rate.
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Refer to the following figure. When price is $10 and quantity demanded is 2,000, what is the point elasticity of demand?
A. -1/3 B. -3 C. -5 D. -2/3 E. -1
The decrease in consumer spending that occurred after the collapse of the housing bubble caused aggregate:
A. supply to increase. B. demand to decrease. C. demand to increase. D. supply to decrease.
Which of the following demonstrates opportunity cost?
A. With a new strain of wheat, the wheat crop of Canada grows by 20% with no change in the productive resources devoted to wheat farming. B. A tax cut increases people's purchases of consumer goods and decreases state expenditures on education. C. The ravages of World War II reduced Japan's ability to produce goods. D. Flora gets a 10% raise and increases her expenditures on movies.
Which of the following is not correct? A typical production possibilities curve:
A. indicates how much of two products a society can produce. B. reveals how much each additional unit of one product will cost in terms of the other product. C. specifies how much of each product society should produce. D. indicates that to produce more of one product society must forgo larger and larger amounts of the other product.