Find the size of the civilian labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000.
A. 1,425
B. 1,450
C. 1,500
D. 2,000
Answer: C
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Suppose the refrigerator repairman charges you for two hours of labor even though he could have fixed it in ten minutes. This is an example of
a. natural selection b. moral hazard c. hidden actions d. external costs e. hidden characteristics
Centrally planned economies do not use the price system for anything.
Answer the following statement true (T) or false (F)
The growth rate of total output equals
A. The growth rate of the labor force plus the growth rate of productivity. B. Gross investment minus depreciation. C. Real GDP per worker. D. Real GDP per capita growth rate.
For this question, assume the Marshal-Lerner condition holds. Which of the following would occur as a result of an increase in the real exchange rate?
A) an improvement of the trade balance B) a reduction in the quantity of imports C) an increase in domestic output D) all of the above E) none of the above