Which of the following persons is NOT considered a part of the labor force?
A) Mary, who has a part-time job as a day care specialist
B) Lones, an unemployed mechanic looking for a new job
C) Jameson, an accountant who has been temporarily laid off during the holiday season
D) Desire, a wealthy hedge fund manager who just took early retirement
E) Lucy, who works 20 hours a week in her father's restaurant for no pay
D
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Refer to the above figure. If real Gross Domestic Product (GDP) is $2 trillion, then
A) the level of total planned expenditures is less than real GDP. B) the level of total planned expenditures is greater than real GDP. C) the level of total planned expenditures equals real GDP. D) the level of total planned expenditures equals zero.
Which of the following is NOT included in the measure of M1?
A) NOW accounts B) demand deposits C) currency D) savings deposits
Suppose the federal budget deficit for the year was $500 billion and the economy was in a recession
If the economy had been at potential GDP, it is estimated that tax revenue would have been $350 billion higher and government spending on transfer payments would have been $200 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $1,050 billion. B) deficit was $650 billion. C) surplus was $50 billion. D) surplus was $650 billion.
If a firm is to capture all consumer surplus with two-part pricing when customers are different
A) it must be able to charge different access fees. B) it cannot charge different prices for access fees. C) it must set unit price below marginal cost. D) it must set unit price above marginal cost.