The unemployment rate will decrease whenever there is
a. an increase in the number of persons classified as unemployed.
b. a decrease in the number of unemployed relative to the size of the labor force.
c. a decrease in the size of the population and there is no change in the number of persons classified as employed.
d. a reduction in the size of the labor force.
e. a decrease in the number of unemployed and the population does not change.
B
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The total physical product of an input is the same thing as its
A. total revenue product. B. marginal physical product times output. C. output. D. total consumer’s surplus.
The impact of technological change in the health care area has been to
A) reduce the quality of health care while raising the costs. B) reduce the cost of health care. C) increase the quality of health care while decreasing the costs. D) increase both the quality of health care and the costs of health care.
Other things equal, monetary policy to offset a contractionary gap will tend to
a. Increase the money supply and lower interest rates b. Increase the money supply and increase interest rates c. Decrease the money supply and lower interest rates d. Decrease the money supply and increase interest rates
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.