It has been generally observed that most trade in the world occurs between a developed and a less-developed nation rather than between industrial or developed nations
a. True
b. False
Indicate whether the statement is true or false
False
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Ceteris paribus, in the long run, a negative supply shock causes
A) the long-run aggregate supply curve to shift to the left. B) unemployment to fall below its short-run level. C) equilibrium real GDP to fall. D) the price level to rise initially, and then return to its lower level.
Most economic activity in the United States is carried out by monopolies.
Answer the following statement true (T) or false (F)
A reduction in the supply of labor will cause wages to:
A. decrease and employment to decrease. B. increase and employment to increase. C. increase and employment to decrease. D. decrease and employment to increase.
A nation has a population of 300 million people. Of these, 80 million are retired, in the military, in institutions, or under 16 years old. There are 210 million who are employed and 10 million who are unemployed. What is the unemployment rate?
a. 3.6 percent b. 3.3 percent c. 4.5 percent d. 5.2 percent