Which of the following events will cause the unemployment rate to increase?
A. an increase in population, with no change in the size of the labor force
B. a proportionally equal increase in the labor force and the number of unemployed workers
C. an increase in the labor force with no change in the number of employed workers
D. an increase in the number of employed workers with no change in the number of unemployed workers
Ans: C. an increase in the labor force with no change in the number of employed workers
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Which of the following is NOT one of the basic questions that an economic system attempts to answer?
A) How to eliminate choices? B) What to produce? C) How will goods and services be produced? D) For whom will goods and services be produced?
Answer the following statements true (T) or false (F)
1) An increase in imports (independent of a change in the U.S. price level) will increase both U.S. aggregate supply and U.S. aggregate demand. 2) An increase in business excise taxes will shift the aggregate supply curve leftward. 3) A decrease in per-unit production costs will shift the aggregate supply curve leftward. 4) The aggregate supply curve (short run) becomes steeper as the economy moves rightward and upward along it. 5) Cost-push inflation is depicted as a rightward shift of the aggregate demand curve along an upsloping aggregate supply curve.