Given the data in Table 6.1, if the workers who are "not employed and not looking for work" were counted as not employed and in the labor force, the unemployment rate of Metropolis would be approximately
A) 4 percent. B) 7 percent. C) 9 percent. D) 10 percent.
C
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An $18 billion increase in spending creates $18 billion of new income in the first round of the multiplier process and $13.5 billion in the second round. The multiplier in the economy is
A. 2. B. 3. C. 4. D. 5.
Consider a closed economy described by AE (aggregate expenditures) = 800,000 + 0.75Y Assume that this economy is initially in equilibrium. But now the government implements a program to improve highways that will cost $1 million. This implies that equilibrium real GDP will:
a. decrease by $1 million. b. decrease by $4 million. c. increase by $1 million. d. increase by $4 million. e. decrease by $800,000.
Daryn and Nick work for two different companies, but each performs the same job working on a loading dock. Daryn, however, earns a higher salary than his friend Nick The difference in salary could illustrate union wages if Daryn's annual salary is covered by a collective bargaining agreement and Nick's is not
a. True b. False Indicate whether the statement is true or false
Whenever the Democrats gain control of the Congress, spending on social programs increases; whenever Republicans gain control of the Congress, spending on defense increases. Hence, we know what the next party in control will do. This statement is an example of the
A. post hoc, ergo propter hoc fallacy. B. ceteris paribus fallacy. C. fallacy of inductive reasoning. D. fallacy of stability.