Unemployment is defined as
A. A decrease in the labor force.
B. The active search and inability of labor force participants to find jobs.
C. The proportion of the total population that is unemployed.
D. The active search and inability of citizens to find jobs that utilize their capabilities.
Answer: B
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If two goods are complements, then their
A) indifference curves are positively sloped straight lines. B) indifference curves are negatively sloped straight lines. C) indifference curves are L-shaped. D) marginal rate of substitution is infinity.
In 2002, the United States imposed restrictions on the importation of steel into the United States. The open-economy macroeconomic model shows that such a policy would
a. lower the real exchange rate and increase net exports. b. lower the real exchange rate and have no effect on net exports. c. raise the real exchange rate and decrease net exports. d. raise the real exchange rate and have no effect on net exports.
If Hermione pays $10.00 in taxes on $100 of income and $10.25 on $101 of income, which of the following is not true?
A. Her marginal tax rate at $100 is 25 percent. B. Her average tax rate at $100 is 10 percent. C. She faces a progressive tax. D. Her marginal tax rate at $100 is 10.25 percent.
If all the world's resources were to magically increase one hundredfold, then:
A. economics would no longer be relevant. B. people would still have to make trade-offs. C. scarcity would disappear. D. trade-offs would become unnecessary.