The labor force is made up of
A. all individuals who are employed.
B. those who are employed plus those who are unemployed.
C. the population of a nation, aged 16 years and above.
D. all individuals who are working and those who are not working.
Ans: B. those who are employed plus those who are unemployed.
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Total revenue decreases as the price of a good increases, if the demand for the good is
A. unitary elastic. B. elastic. C. inelastic. D. perfectly elastic.
Refer to Figure 24-1. Ceteris paribus, an increase in personal income taxes would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Which of the following can be classified as a regressive tax?
a. Excise tax. b. Sales tax. c. Gasoline tax. d. All of these.