If the number of employed went up and the number of unemployed went down
A. the unemployment rate would go down.
B. the unemployment rate would go up.
C. the unemployment rate would stay the same.
D. the unemployment rate might go up, go down, or stay the same.
A. the unemployment rate would go down.
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Gross domestic product (GDP) is
A) the value of all final goods and services produced in a country during a year. B) the sum of consumption expenditure, investment, government expenditure on goods and services, and net exports. C) the sum of compensation of employees, proprietors' income, net interest, rental income, corporate profits, depreciation, and indirect business taxes minus subsidies. D) all of the above.
The Federal Reserve cut the federal funds rate seven times between September 2007 and March 2008. What event led the Fed to make these reductions in the federal funds rate?
A) The chairman of the Federal Reserve System persuaded members of the Federal Open Market Committee to lower interest rates in order to reduce the price of oil in international markets. B) It was in response to reductions in the discount rate, which was also lowered seven times over the same time period. C) Several large investment banks failed during this time period. D) During this period there was a substantial reduction in the demand for housing.
The equation of exchange can be written as
a. Velocity × Nominal GDP = Price Index b. Real GDP × Price Index = Money supply c. Money supply × Price Index = Real GDP d. Money supply × Velocity = Nominal GDP
Deadweight loss is
A) the amount of taxes that consumers and monopolists pay. B) the loss of output when a perfectly competitive firm becomes a monopolist. C) a loss of benefit to consumers in a monopoly that no one else in society can obtain. D) the price that consumers pay for a product in excess of the average cost of producing it.