Final goods and services refer to ________.
A. goods and services that are unsold and therefore added to inventories
B. goods and services purchased by ultimate users, rather than for resale or further processing
C. goods and services whose value has been adjusted for changes in the price level
D. the excess of U.S. exports over U.S. imports
Answer: B
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A president of the United States promises to produce more defense goods without any decreases in the production of other goods. This promise can be valid
A) if the United States is producing at a point on its production possibilities frontier. B) if the United States is producing at a point inside its production possibilities frontier. C) if the United States is producing at a point beyond its production possibilities frontier. D) only if the production possibilities frontier shifts rightward.
The unemployment rate measures the:
a. percentage of the labor force who are not working but looking for work. b. percentage of the labor force who have failed to find work in the last 2 months. c. percentage of working adults lacking proper technical skills. d. percentage of the labor force incapable of productive work.