In the simplified circular flow diagram, leakage can occur when consumers save some income.
Answer the following statement true (T) or false (F)
True
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A country's standard of living can be calculated by dividing the goods and services its people have by
A. social services. B. population. C. output. D. total production.
The purpose of antitrust legislation is
A. to maximize employment for a given price level. B. to reduce the power of monopoly. C. to reduce unemployment. D. to increase the power of monopoly.
According to the Bureau of Labor Statistics, to be officially unemployed a person must:
A. be in the labor force. B. be 21 years of age or older. C. have lost a job. D. be waiting to be called back from a layoff.
The market-day supply is drawn as a vertical line at a particular level of production because
a. output can easily be adjusted b. chronic excess supply is permanent c. output can completely adjust to price changes d. output can partially adjust to price changes e. output cannot be changed during the market day