Which of the following is a stock variable? The number of
A. unemployed people.
B. job losers.
C. job leavers.
D. reentrants.
Answer: A
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If the number of employed workers in an economy is 8 million, the number of potential workers in the economy is 12 million, and the number of adults not in the labor force is 1 million, the number of unemployed people in the economy will equal:
A) 3 million. B) 5 million. C) 1 million. D) 7 million.
According to Ricardian Equivalence theory, a tax cut ________
A) will tend to have little economic effect B) will tend to reduce the magnitude of the trade-off between inflation and the rate of unemployment C) can be an effective policy tool in the midst of an economic downturn D) must be used in conjunction with money supply changes over the course of the business cycle
A cartel is a group of firms that collude to produce the equilibrium output and sell at the equilibrium price
a. True b. False Indicate whether the statement is true or false
The term ______ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.
A. marginal utility pattern B. marginal income utility C. diminishing marginal utility D. decreasing marginal utility