The total labor force is 100,000 out of a possible working age population of 160,000. The total number of unemployed is 8,000. What is the unemployment rate?
A. 7 percent
B. 6 percent
C. 5 percent
D. 8 percent
Answer: D
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The multiplier is calculated as the change in ________ divided by the change in ________
A) real GDP; induced spending B) nominal GDP; autonomous expenditure C) real GDP; autonomous expenditure D) autonomous expenditure; real GDP
According to the Keynesian model, increased foreign spending for U.S. goods is likely to
a. reduce total employment in the United States. b. increase total employment in the foreign country. c. reduce total output in the United States. d. increase total output in the United States.
Which of the following conditions is necessary in order for the private market to efficiently solve an externality problem?
a. The person who creates the externality must have the legal right to do so. b. The person harmed by the externality must have a legal right to be compensated. c. The value of any side payment must be smaller than the marginal cost of producing the externality. d. The value of any side payment must be smaller than the marginal cost of creating the externality. e. Side payments must be arranged without cost.
Nontariff barriers lead to: a. decreases in the prices of imports
b. an increase in domestic production. c. increases in the prices of exports. d. an increase in domestic consumption.