Which of the following is a real quantity?
A. The cost of a new car
B. The current price of a barrel of oil
C. The number of tons of steel produced in 2005
D. The current wages paid to factory workers
Answer: C
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Full employment occurs when the
A) cyclical unemployment rate equals the natural unemployment rate. B) structural unemployment rate equals zero. C) unemployment rate equals the natural unemployment rate. D) natural unemployment rate equals the frictional unemployment rate. E) structural unemployment rate equals the frictional unemployment rate.
In the study done by Lee Benham on advertising for eyeglasses,
a. advertising increased the average price. b. advertising decreased the average price. c. there was no difference in price, but quality was better in the states that didn't allow advertising. d. advertising appeared to have no effect whatsoever in the states that permitted advertising.
Holding other factors constant, if a change in tax laws discourages people from saving more for retirement, then the real interest rate will ________ and the equilibrium quantity of saving and investment will ________.
A. increase; decrease B. decrease; increase C. decrease; decrease D. increase; increase
Human capital is defined as the
A. Dollar value of all the stocks and bonds an individual owns. B. Knowledge and skills workers possess. C. Amount of machinery, factories, and buildings an individual owns. D. None of the choices are correct.