Goods and services bought domestically but produced in other countries are referred to as
A) exports.
B) imports.
C) transfer payments.
D) foreign consumption.
Answer: B
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The labor force consists of
A) the number of people who unemployed and who are actively seeking work. B) the number of people who are employed. C) the number of people who are employed minus the number of the people who are unemployed. D) all people in the population aged 16 and over who are not in jail, a hospital, or an institution or in the U.S. Armed Forces. E) the number of people in the working-age population who are employed or unemployed.
If the price level increases, we would expect consumers to
a. raise their consumption functions. b. move downward along their consumption functions. c. lower their consumption functions. d. move upward along their consumption functions.
The function a decision maker seeks to maximize or minimize is the ________ function.
A. marginal B. decision-making C. optimal D. objective E. none of the above
On average, since 1900 the population of the United States has grown by roughly ________ percent per year.
A. 3 B. 6 C. 1 D. 9