The Consumer Financial Protection Bureau is part of the
A) Treasury Department
B) Federal Reserve System
C) Justice Department
D) Commerce Department
B
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Unemployment caused by a business cycle recession is called cyclical unemployment
Indicate whether the statement is true or false
If in the process of calculating GDP, the market value of all intermediate goods is added to the market value of all final goods, this would
A) overstate the actual value of GDP. B) produce the correct value of GDP. C) understate the actual value of GDP. D) avoid the possible error of double counting.
Which of the following would not be true of a competitive labor market?
A. Wages would be determined by supply and demand. B. The demand curve for labor would be derived like the demand curve for any other input. C. The demand curve for labor would be the downward-sloping portion of the MRP curve. D. Labor supply would be determined by the marginal revenue product curve.
In its simplest form, Say’s law states that ______.
a. supply creates its own demand b. prolonged unemployment is possible c. full employment means zero unemployment d. wages and other prices are inflexible