In the table below are statistics showing the civilian non-institutional population, the civilian labor force and total employment in year 1 and year 2. Make the computations necessary to complete the table. (Number of persons is in thousands.)
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If the Fed raises the federal funds rate, eventually the
A) AD curve shifts rightward and real GDP increases. B) AD curve shifts leftward and real GDP decreases. C) AS curve shifts rightward and real GDP increases. D) AS curve shifts leftward and real GDP decreases. E) AD curve shifts rightward and real GDP decreases.
Price taking behavior exists in
A) perfectly competitive markets. B) markets with a monopolist, where consumers have to take price as it is given to them by the monopolist. C) automobile markets where consumers have to take the price set by the dealer. D) Both answers B and C are correct.
Explain the law of diminishing marginal utility. How does it relate to the shape of the demand curve?
What will be an ideal response?
What is the Federal Open Market Committee and what are its main functions?
What will be an ideal response?