An unemployment insurance program has which of the following effects?
A) It decreases the amount of personal income of the unemployed.
B) It increases the severity of a recession because it makes it more difficult for the unemployed to find jobs.
C) It increases the amount of time spent searching for a job.
D) It lowers the overall unemployment rate.
Answer: C
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Which of the following statements is NOT true about the price system?
A) The price system allows resources to flow from low-valued uses to high-valued uses. B) Firms have total control over what consumers can buy. C) Individuals have freedom to purchase what they want. D) The price system allows for economic efficiency.
Economics is called an empirical science because
A) economists study real-world evidence to test their models. B) economists use assumptions to test their models. C) economic models have no predictive power. D) economic analysis is only useful in a pure market economy.
Which of the following chain of events occurs when a tariff is imposed on a good?
A) Domestic prices fall, shifting the demand curve rightward, and consumers buy more of the good. B) Domestic prices fall, decreasing the domestic quantity supplied and increasing the quantity demanded. C) Domestic prices rise, shifting the domestic supply curve rightward. D) Domestic prices rise, shifting the demand curve leftward and the domestic supply curve rightward. E) Domestic prices rise, decreasing the quantity demanded and increasing the domestic quantity supplied.
Human capital is best defined as
(a) the amount of wealth people have. (b) the amount of money people have to spend on schooling. (c) human capacities that raise productivity. (d) the average education level of the population.