The law of demand states that, other things equal:
A. price and quantity demanded are inversely related.
B. the larger the number of buyers in a market, the lower will be product price.
C. price and quantity demanded are directly related.
D. consumers will buy more of a product at high prices than at low prices.
Answer: A
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In an economy, 23 million people are employed and 2 million are unemployed, but 5 million part-time workers would prefer full-time work. What is the unemployment rate?
A) 23.2 percent B) 6.7 percent C) 8 percent D) 25 percent
Policies that make it more difficult to fire an employee are likely to:
A. lead to greater unemployment. B. lead to less unemployment. C. have no impact on unemployment. D. affect frictionally unemployed workers more than other unemployed workers.
In the study conducted by Miles Corak, which of the following countries had the weakest relationship between parental and child income?
A. France B. Denmark C. United Kingdom D. United States
In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.
A. market-oriented economy B. macroeconomy C. microeconomy D. command economy