As a larger fraction of the working-age population becomes older and retires,
A. the employment-population ratio increases.
B. the labor-force participation rate increases.
C. the labor-force participation rate declines.
D. the unemployment rate decreases.
Answer: C
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Which of the following statements is correct?
A) An increase in productivity moves the economy from inside the production possibilities frontier to the frontier itself. B) A reduction in unemployment shifts the entire production possibilities frontier outward. C) An increase in unemployment shifts the economy from a point outside the production possibilities frontier back to the production possibilities frontier. D) An increase in productivity shifts the economy from producing at a point on the production possibilities frontier to a point outside the production possibilities frontier. E) An increase in unemployment shifts the economy further inside its production possibilities frontier.
The abbreviation GATT stands for:
a. General Analysis of Taxes and Transfers. b. General Agreement on Tariffs and Trade. c. Government Agency for Trade and Transportation. d. Government Agency for Treaties and Taxes. e. General Agreement on Terms of Trade.
If P denotes the price of goods and services measured in terms of money, then
a. 1/P represents the value of money measured in terms of goods and services. b. P can be interpreted as the inflation rate. c. the supply of money influences the value of P, but the demand for money does not. d. All of the above are correct.
In 1995 in the United States, consumption expenditure was $5,152 billion, investment was $1,164 billion, government purchases of goods and services were $1,407 billion, and total exports were $855 billion. GDP equaled
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