The unemployment rate measures, at a point in time, the ________
A) percentage of workers who do not have a job
B) percentage of workers who do not have a job but are looking for work
C) percentage of workers who stop working
D) percentage of workers who are looking for work
E) none of the above
B
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The circular flow model illustrates
A. the interdependence of businesses and consumers. B. the importance of having a central plan for the economy. C. how natural and other resources are created. D. how money is created by the banking system.
The above table shows production combinations on a country's production possibilities frontier. What is the opportunity cost of one unit of Y when the production of good Y increases from 16 to 28 units?
A) 4 units of good X per unit of good Y B) 3 units of good X per unit of good Y C) 1/4 unit of good X per unit of good Y D) There is no opportunity cost when moving from one point to another along a production possibilities frontier.
The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price
What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $4.00 per pound B) 5 pounds, $6.00 per pound C) 5 pounds, $5.00 per pound D) 4 pounds, $5.00 per pound
Suppose that many households look to the stock market to gauge how the economy is likely to perform in the future
When stock prices are rising, then households will be optimistic about the future state of the economy and will increase their spending on houses and consumer durables, such as cars and furniture. When stock prices are falling, then households will be pessimistic about the future and will cut back on their spending. If this view of the link between stock prices and household spending is correct, then what will be the effect of a decline in stock prices on output in the new Keynesian view? Be sure to distinguish the short run from the long run.