To be considered officially unemployed, a person must be at least 16 years old A) and be a discouraged worker. B) and not working. C) and not in school and not working. D) and not working but is actively seeking employment. ANSWER D
Date: September 2nd, 2020
The circular flow of income assumes that A) the national income accounting approach is not an adequate way to measure the economy’s performance. B) profit is not a cost of production. C) goods and services flow in one direction and money payments flow in the other. D) total income is the sum of the value […]
Date: September 2nd, 2020
In the circular flow model A) households buy goods and services while firms sell goods and services. Firms obtain labor from households, capital from government, and raw materials from firms. B) households demand goods and services which are supplied by firms, and the firms demand resources that are supplied by intermediate firms. C) households buy […]
Date: September 2nd, 2020
Over the last 100 years in the United States, unemployment reached its highest rate A) in the 1920s. B) in the 1930s. C) in the 1980s. D) in the 1970s. ANSWER B
Date: September 2nd, 2020
Goods and services are sold A) only as intermediate goods. B) by households. C) in the factor markets. D) in the product markets. ANSWER D
Date: September 2nd, 2020
The population is 1,000 million, the labor force is 750 million, and the number of unemployed is 30 million. What is the unemployment rate? A) 4 percent B) 3 percent C) 10 percent D) 7.5 percent ANSWER A
Date: September 2nd, 2020
Resources can be purchased A) exclusively through the government. B) in the product markets. C) in the factor markets. D) at a grocery store. ANSWER C
Date: September 2nd, 2020
To be officially classified as unemployed, a person must be A) at least 18 and not working. B) laid off or fired. C) collecting unemployment benefits. D) at least 16, not working and actively seeking employment. ANSWER D
Date: September 2nd, 2020
Profits represent A) a reward to entrepreneurs. B) the income earned from a bond. C) the difference between total tax revenue and total government spending. D) the payments firms make to their employees. ANSWER A
Date: September 2nd, 2020
Total income A) excludes profits. B) includes only wages and interest payments. C) is the yearly amount earned by owners of the nation’s resources. D) includes only wages received by workers. ANSWER C
Date: September 2nd, 2020
