John and Robert are having an argument about the recent economic downturn in Florin. According to John, government intervention is not required to bring the economy back to the natural level of real GDP. However, Robert believes that the only way to restore the economy is to increase aggregate demand through government intervention. We can conclude that John believes in the _____ of economic
thought.
a. Keynesian school
b. classical school
c. neoclassical school
d. new classical school
b
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If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed and 150 million employed, the labor force participation rate is
A) 69.6 percent. B) 23.3 percent. C) 6.67 percent. D) 50 percent.
The largest number of individuals of working age in the U.S. population are ________
A) discouraged workers B) unemployed C) employed D) not in the U.S. labor force
Based Figure 4.2, clothing is:
A) a normal good. B) an inferior good, but not a Giffen good. C) a Giffen good. D) none of the above
Unlike the Kyoto Protocol, the Copenhagen Accord will:
a. include India and China as participants. b. strongly curtail emissions. c. seek to reverse global warming d. be noncontroversial.