A country's labor force is equal to
A. the number of employed people.
B. the population between the ages of 16 and 65.
C. the total number of employed and unemployed people.
D. the total number of employed people, unemployed people, and discouraged workers.
Answer: C
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One result of the public choice model is that most economists believe that
A) policymakers may have incentives to intervene in the economy in ways that do not promote economic efficiency. B) the voting paradox will prevent voters from selecting the best person for public office. C) when market failure occurs, government intervention will always lead to a more efficient outcome. D) government intervention will always result in a reduction in economic efficiency in regulated markets.
The Federal Reserve System was created by act of Congress in 1931 in an effort to end a wave of bank failures brought on by the Great Depression
a. True b. False Indicate whether the statement is true or false
The principal reason that monetary policy has lags is that it takes a long time for
a. changes in the interest rate to change aggregate demand. b. changes in the money supply to change interest rates. c. the Fed to make changes in policy. d. Congress and the President to approve Fed policy.
Tariffs lead to
A. the expansion of relatively efficient industries. B. an under allocation of resources to relatively efficient industries. C. an increase in the foreign demand for domestically produced goods. D. an under allocation of resources to relatively inefficient industries.