Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. How many people are in the economy's labor force?
A) 20
B) 40
C) 60
D) 80
E) 100
D
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Bankers have an advantage in developing a relationship with their business borrowers because
A) banks provide a menu of services which allows them to learn about a company. B) banks have access to higher quality credit reports. C) banks are better at getting owners to pledge collateral than are other lenders. D) loans to small businesses are usually less than 5 years thus allowing encouraging borrowers to return more frequently for evaluation.
A firm's average fixed cost when producing 2,000 units of output equals $10 . When only 1,000 units of output are produced: a. AFC must still equal $10
b. AFC must equal $20. c. AFC must equal $5. d. marginal cost must equal $20.
In contrast to the United States, the European Union has chosen
a. greater wage inequality for lower unemployment. b. less wage inequality and lower unemployment. c. greater wage inequality and higher unemployment. d. similar wage inequality but more unemployment. e. less wage inequality for higher unemployment.
According to the classical dichotomy, when the money supply doubles which of the following doubles?
a. the price level and nominal GDP b. the price level and real GDP c. only real GDP d. only the price level