If there are 120,000 people employed in Euroland and 35,000 people are unemployed, then the unemployment rate is?
(a) 22.6%;
(b) 29%;
(c) 35%;
(d) None of the above.
Answer: (a) 22.6%;
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What famous economist said that the market economy seemed to be controlled by an invisible hand?
a. Alfred Marshall. b. Adam Smith. c. Karl Marx. d. Robert L. Heilbroner.
If the price level in the United States increases, domestic goods will become relatively more expensive than foreign goods. Consumers will import more and reduce the quantity of domestic goods and services they buy
a. True b. False Indicate whether the statement is true or false
Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A. -4 percent. B. 1 percent. C. 8 percent. D. 0 percent.
U.S. government regulation of social and economic activity
A) only began after World War II. B) costs less now than it did in the 1980s. C) has increased steadily since 1970. D) is confined to antitrust law.