A person who works 25 hours per week:
a. is considered to be a discouraged worker.
b. is considered to be unemployed
c. is considered to part of the labor force.
d. none of the above
c
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Which of the following is classified as a final good or service?
i. tires bought by GM to put on new Tahoes ii. mustard bought by Subway to put on its sub sandwiches iii. your purchase of online access to the Wall Street Journal A) iii only B) i and ii C) i, ii and iii D) ii only E) ii and iii
The price elasticity of supply is usually a positive number because
A) price rises when supply increases. B) quantity supplied increases in response to price increases. C) quantity supplied increases in response to income increases. D) the quantity demanded usually rises when price falls and therefore suppliers would want to capitalize on this increase in demand.
The inflation that occurred during the Civil War (1861–1865) can be described as all of the following except
(a) A means of expropriating resources to fight the war (b) A form of taxation to provide resources to fight the war (c) A representation of a decrease in the purchasing power of money (d) A less expensive way of paying for the war than taxation
An economic expansion tends to cause the federal budget deficit to ________ because tax revenues ________ and government spending on transfer payments ________
A) increase; rise; falls B) increase; fall; rises C) decrease; rise; falls D) decrease; fall; rises