Which one of the following people is not a member of the labor force?
a. A full-time student who devotes all her time to her classes.
b. A person who works 30 hours a week at Burger King and goes to school at night.
c. The man who was fired last week and is searching for a new job.
d. The President of the United States.
e. A professional athlete.
The study of microeconomics and macroeconomics differ in that:
a. microeconomics is concerned with the domestic economy and macroeconomics is
concerned only with the international economy.
b. microeconomics examines the individual markets of the economy while
macroeconomics studies the whole economy.
c. microeconomics studies the actions of households and macroeconomics studies the
actions of business firms.
d. microeconomics examines the whole economy while macroeconomics studies the
individual units of the economy.
If you buy a commemorative Princess Diana stamp issued by the British government,
the purchase is considered part of:
a. C.
b. I.
c. G.
d. X.
e. M.
The current account in the BOP records:
a. all money flowing between countries.
b. a nation’s yearly exports and imports of goods and services.
c. only the transactions involving capital goods in international trade.
d. only the transactions involving consumer goods in international trade.
e. only those goods and services purchased on credit in international transactions.
Providedbelowisalistofimportantusersofaccountinginformation.Belowthelistaredescripti
onsofamajorneedofeachofthevarioususers.Fillintheblankwiththeoneusergroupthatismost
likelytohavetheneeddescribedtotherightoftheblank.Someusergroupsmaybeusedmorethan
onceornotatall.
a. Stockholder
b. Company management
c. Supplier
d. Banker
e. Internal Revenue Service
f. Securities and Exchange Commission
g. Labor union The prospects for future dividend payments.
Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the quantity
supplied of good X per year is Q3, the result is:
a. deadweight loss.
b. inefficiency.
c. overproduction.
d. all of the above are true.
e. none of the above are true.
Exhibit 16A-2 Macro AD/AS Models
As shown in
Panel (a) of Exhibit 16A-2, assume the economy adopts a classical nonintervention
policy. Which of the following would cause the economy to self-correct?
a. Competition among firms for workers increases the nominal wage and SRAS shifts
rightward.
b. Long-run equilibrium will be established at Y1 and P2.
c. Long-run equilibrium will be established at Y1 and P3.
d. Competition among unemployed workers decreases nominal wages and SRAS shifts
rightward.
Real income for a given year would be less than nominal income in that year if:
a. the consumer price index was less than 100 in that year.
b. nominal income in that year was greater than nominal income in the previous year.
c. nominal income in that year was less than nominal income in the previous year.
d. the consumer price index was greater than 100 in that year.
According to Keynesians, an increase in the money supply will have its least impact on
GDP when the aggregate demand curve intersects:
a. the horizontal portion of the aggregate supply curve.
b. the vertical portion of the aggregate supply curve.
c. the upward sloping portion of the aggregate supply curve.
d. either the horizontal or upward sloping portion of the aggregate supply curve.
e. either the horizontal or upward sloping portion of the aggregate supply curve.
In the classical range of the aggregate supply curve, greater spending for consumer and
investment goods results in:
a. stagflation.
b. more unemployment.
c. greater output.
d. a higher price level.
GDP per capita is a relatively good measurement of:
a. the distribution of income.
b. purchasing power.
c. household production.
d. the standard of living.
What is money? What are the three definitions of money in the United States?
Presented below are condensed data from the financial statements of Unique Factory
for 2015 and 2014. The figures are expressed in thousands. Use this information to
answer the questions that follow.
The ability-to-pay philosophy of taxation argues for a progressive form of taxation.
Bonds owned by financial institutions represent ownership of the national debt by the
private sector.
Microeconomics is the branch of economics in which you study inflation and
unemployment in the economy.
In a simplified system, a bank receiving a new deposit can extend new loans equal to
the amount by which its excess reserves increase.
The statement “American workers are lazy” is an example of positive economic
analysis.
A person who is in the 15 percent marginal tax bracket and has a total taxable income of
$100,000 will owe $15,000 in taxes.