Who from among the following would be counted as unemployed?
A. A person who is willing to work but has not looked for a job in two months.
B. A person with a part-time job who wants and is looking for a full-time job.
C. A person who is willing to work and has looked for a job in the last week.
D. All of these people would be counted as unemployed.
Answer: C
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When the price of a normal good falls, the substitution effect leads to ________ in the quantity purchased and the income effect leads to ________ in the quantity purchased
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Which of the following governmental expenditures are not included in gross domestic product?
a. The construction of federal buildings b. Social Security payments c. Salaries for senators d. Purchases of new defense weapons
In the short run, the Federal Reserve faces a tradeoff between
What will be an ideal response?
All of the following are reasons that health care costs have risen so much in the past few decades EXCEPT
A) the aging population. B) higher imports. C) new technologies. D) third party payments.