1/ An increase in the price of a substitute shifts the demand curve to the:

Group of answer choices

a) Right

b) Left

c) It does not change the demand curve.

d) None of the above

3 / If the number of unemployed equals 10,000, the number of employed equals 70,000, and the number not in the labor force is 20,000, the labor-force participation rate is

Group of answer choices

a/ 90%

b/ 80%

c/ 70%

d/ 60%

4 / If Mary is classified as a discouraged worker, she is

a/ part of the labor force

b/ structurally unemployed

c/ frictionally unemployed

d/not in the labor force

5 / In 2018, GM produced 30 cars, of which 25 were sold in 2018 and 5 were added to its inventories. The market value of the cars in 2018 was $10,000 per unit. What is the value of GM's output that will be included in the 2018 GDP?

Group of answer choices

a/ $250,000

b/ $50,000

c/ $300,000

d/ $350,000

7/ A country's GNP will definitely exceed its GDP if ________ foreign companies produce in the country and ________ of the country's companies produce abroad.

Group of answer choices

a/ many; none

b/ many; many

c/ no; many

d/ no; none

8/ Which prices are used to measure goods and services in calculating GDP?

Group of answer choices

a/ past year prices

b/ average prices

c/ projected prices

d/ current prices

9/ According to the theory of comparative advantage, a country ________ the goods in which it has a comparative advantage.

Group of answer choices

a/ exports

b/ imports

c/ exports and imports

d/ does not trade

10/ Suppose that the U.S. noninstitutional adult population is 230 million and the labor force participation rate is 67 percent. If 85 million adults are not working, what is the unemployment rate?

Group of answer choices

a/ 55.2 percent

b/ 5.9 percent

c/ 33.0 percent

d/ 4.0 percent

11/ Which of the following would most likely shift the production possibilities curve inward?

Group of answer choices

a/ a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time

b/ technological progress

c/ an increase in the number of hours factories are in use

d/ an increase in the production of capital goods

12/ The downward slope of the demand curve illustrates the pattern that as _____________ rises, _________________ decreases.

Group of answer choices

a/ price, quantity supplied

b/ quantity demanded, price

c/ quantity supplied, quantity demanded

d/ price, quantity demanded

13/ _________________ refers to the total number of units that are purchased at that price.

Group of answer choices

a/ Quantity

b/ Market quantity

c/ Quantity demanded

d/ Supply

14/ Discouraged workers are included in

Group of answer choices

a/ the number of unemployed.

b/ frictional unemployment.

c/ the labor force.

d/ None of the above is correct.

15/ Suppose a basket of goods and services has been selected to calculate the CPI and 2016 has been selected as the base year. In 2014, the basket's cost was $50; in 2016, the basket's cost was $52; and in 2018, the basket's cost was $58. The value of the CPI in 2018 was

Group of answer choices

a/ 106.0

b/ 104.0

c/ 111.5

d/ 116.0

16/ The price index was 140 in one year and 148.4 in the next year. What was the inflation rate?

Group of answer choices

a/ 8.4 percent

b/ 6.0 percent

c/ 2.4 percent

d/ 4.2 percent

18/ What is the unemployment rate in an economy where the entire adult population can be categorized as follows:

• 32 million people employed
• 2 million people unemployed
• 1 million discouraged workers, and
• 1 million people who are either students, homemakers, retirees, or other people not seeking employment.

Group of answer choices

a/ 6.3%

b/ 5.6%

c/ 5.9%

d/ 4.8%