The unemployment rate will decrease whenever there is a(n):
a. increase in the number of persons classified as unemployed.
b. decrease in the number of unemployed relative to the size of the labor force.
c. decrease in the size of the population and there is no change in the number of persons classified as employed.
d. reduction in the size of the labor force.
e. decrease in the number of unemployed and the population does not change.
b
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Which describes the economic meanings of value and price?
A) Value is exchange worth minus marginal benefit, and price is the dollars that must be paid. B) Value is the marginal benefit obtained, and price is the dollars that must be paid. C) Value refers to the gain the producer gets from the good or service, and price refers to the gain the consumer gets from the good or service. D) Value refers to the dollars that must be paid, and price refers to the cost of producing the good. E) They are the same and both mean the dollars that must be paid.
If income were distributed solely according to marginal productivity,
a. every family would be above the poverty level b. it would be distributed evenly c. it would be distributed normally d. workers in capital-intensive industries would earn less than workers in labor-intensive industries e. some individuals would not receive any income
Economics is
a. the narrow study of how to make money in financial markets b. the broad study of how to allocate unlimited resources to satisfy limited uses c. the broad study of how to allocate limited resources to satisfy unlimited wants d. the narrow study of using stocks and bonds to their maximum potential e. the narrow study of how to be conservative in financial affairs
What are variables that reflect peaks and troughs in economic activity as they occur?
a. Coincident economic indicators b. Lagging economic indicators c. Leading economic indicators d. Productivity indicators