Four points on a demand schedule are given: $12, 2 units; $10, 3 unit; $15, 5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A) $12 and 2 units
B) $10 and 3 unit
C) $15 and 5 units
D) $2 and 4 units
Answer: C
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Which of the following best defines an optimum currency area?
A) a group of nations sharing the same currency B) a group of regions in close proximity to each other. C) a group of regions who operate under similar economic policies. D) a group of regions with economies closely linked by factor mobility and by trade in goods and services E) a group of nations that engage in free trade with each other
Structural unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. when workers voluntarily quit their jobs.
We could try to use a powerful computer to construct a macroeconomic model including tens of thousands of demand and supply curves, for every market in the economy. This would not be a useful undertaking because
a. it would not be worth the increased level of complication and effort needed to collect all information b. the model would be simplistic c. the model would inevitably leave out important information d. the suggested prices would inevitably be wrong in each market e. the model would not be realistic
In which year was the poverty rate the lowest?
A. 1960 B. 1973 C. 1984 D. 1993