Question: Based on the demand schedule (for chicken feet), you conclude ______.
Answer Options:
demand increased
demand decreased
demand stayed the same
no conclusion
Answer: demand increased
Question: In year one, the aggregate price level increased by 7%, and in year two, it decreased by 2%. Which statement accurately characterizes these changes?
Answer Options:
In year one, inflation; in year two, inflation
In year one, deflation; in year two, disinflation
In year one, deflation; in year two, inflation
In year one, inflation; in year two, deflation
Answer: In year one, the economy is experiencing inflation; in year two, the economy is experiencing deflation
Question: Holding everything else constant, producers are willing to offer more units for sale when the price at which they can sell their product increases. This concept is known as the…
Answer Options:
law of supply
profit‐maximizing condition
law of one price
maximal output
Answer: law of supply
Question: Unemployment caused by recessions.
Answer Options:
cyclical unemployment
frictional unemployment
structural unemployment
natural unemployment rate
Answer: cyclical unemployment
Question: How many more chicken feet were demanded in 2018, at a price of $1.25 a pound, than in 2008?
Answer Options:
Numeric
Answer: 6.7 million pounds
Question: Unemployment that normally occurs due to turnover as workers switch jobs.
Answer Options:
cyclical unemployment
frictional unemployment
structural unemployment
natural unemployment rate
Answer: frictional unemployment
Question: The nominal gross domestic product is defined within a given ______.
Answer Options:
administration
business cycle
time period
year
Answer: time period
Question: The nominal gross domestic product is ______.
Answer Options:
legally sold
produced and sold
produced and legally sold
sold
Answer: produced and legally sold
Question: The nominal gross domestic product is produced ______.
Answer Options:
by residents of the country
within the territorial boundaries of the country
under the auspices of the government
by entities owned by the citizens of the country
Answer: within the territorial boundaries of the country
Question: Which person can be categorized as a discouraged worker?
Answer Options:
Mildred Ender
Dan Druff
Andy Friese
Candy Kane
Answer: Andy Friese
Question: The unemployment rate that exists when the economy is operating at potential.
Answer Options:
cyclical unemployment
frictional unemployment
structural unemployment
natural unemployment rate
Answer: natural unemployment rate
Question: The nominal gross domestic product is ______.
Answer Options:
all goods and services
all final goods and services
all final goods
all intermediate goods and services
Answer: all final goods and services
Question: What is the general definition of a market?
Answer Options:
Various definitions
Answer: An arrangement that brings buyers and sellers together to exchange goods or services
Question: Select all examples of a market.
Answer Options:
a local farmer’s market
Trader Joe’s
the New York Stock Exchange
the free‐agent signing period in the NFL
Answer: All listed options
Question: The nominal gross domestic product is valued at ______.
Answer Options:
the prices at which the goods or services sold
values set by the Budget Office
the benefit the good or service provides to all of society
the price of the item adjusted for inflation
Answer: the prices at which the goods or services sold