Part-time workers who want full-time work are counted as
A. unemployed and therefore the official unemployment rate may overstate the level of unemployment.
B. unemployed and therefore the official unemployment rate may understate the level of unemployment.
C. fully employed and therefore the official unemployment rate may understate the level of unemployment.
D. fully employed and therefore the official unemployment rate may overstate the level of unemployment.
Answer: C
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A tariff has the effect of:
a. raising the price of the exported product. b. increasing the demand for the exported product. c. increasing the demand for the imported product. d. increasing the supply of the imported product. e. raising the price of the imported product.
Which of the following is a consensus view among economists with regard to fiscal policy?
a. Changes in fiscal policy exert a strong influence on real output, just as the basic Keynesian model suggests. b. Expansionary fiscal policy will not help promote recovery from a recession. c. Restrictive fiscal policy is a potent anti-inflationary weapon. d. Since changes in discretionary policy are difficult to time correctly, fiscal policy should not be altered in response to each minor disturbance.
Which of the following is NOT an economic function of government?
A) providing a legal system B) ensuring economic stability C) providing government-inhibited goods D) promoting competition
Since 1950, the volume of world trade and the volume of world real GDP
A. have both increased, but the volume of world trade has increased faster than the volume of world real GDP. B. have both decreased at roughly the same rate. C. have both increased at roughly the same rate. D. have both increased, but the volume of world trade has increased more slowly than the volume of world real GDP.