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5. The labor supply consists of: a. discouraged workers, employed workers, and those actively seeking work...

5. The labor supply consists of: a. discouraged workers, employed workers, and those actively seeking work b. all persons over the age of 16 who are working or actively seeking work c. all person over the age of 16 who are able to work d. all persons over the age of 16 who are working, plus those not working d. discourage workers, part-time workers, and full-time workers

6. The contractionary phase of the business cycle is characterized by: a reduced output and increased unemployment b.reduced output and reduced unemployment c. increased output and increased unemployment d. increased output and reduced unemployment

7. Inflation can harm: a. retiress on fixed pensions b. borrowers whose incomes grow slower than inflation c. wage earners whose incomes grow slower than inflation d.either (a) or (c) e. all of the above

8. The unemployment rate is the number of people officially unemployed divided by: a. the civilian labor force b. the nonimstitutional population c. the total population d. the number of people unemployed e. none of the above

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Answer #1

5.The labor supply consists of all persons over the age of 16 who are working or actively seeking work . Hence,option(B) is correct.

6. The contractionary phase of the business cycle is characterized by reduced output and increased unemployment.. Hence,option(A) is correct.

7. Inflation can harm retirees on fixed pensions or wage earners whose income grow slower than inflation. Hence,option(D) i.e either (a) or (c) is correct.

8. The unemployment rate is the number of people officially unemployed divided by the civilian labor force. Hence,option(A) is correct.

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