Which of these people is part of the labor force?
(1 point)
Responses
an eighth-grader with a paper route
a retired salesperson
a full-time college student
an auto mechanic
an auto mechanic
Which is the best example of frictional unemployment?
(1 point)
Responses
a plumber’s contract with an apartment building ending
a plumber’s contract with an apartment building ending
college graduates looking for their first jobs after their internships
college graduates looking for their first jobs after their internships
workers being laid off during a period of recession
workers being laid off during a period of recession
a company moving to another state, leaving its workforce without jobs
college graduates looking for their first jobs after their internships
Which are ways that the economy is affected when the unemployment rate goes up? Select the two correct answers.
(1 point)
Responses
Fewer people pay income taxes.
Fewer people pay income taxes.
Sales tax rates go down.
Sales tax rates go down.
Many people refinance their houses.
Many people refinance their houses.
Less money is spent on investments.
Less money is spent on investments.
People spend more money on larger items.
Fewer people pay income taxes.
Less money is spent on investments.
Which is the most likely result of incomes not rising as quickly as inflation?
(1 point)
Responses
People are able to buy fewer goods and services.
People are able to buy fewer goods and services.
The unemployment rate rises as more people look for jobs.
The unemployment rate rises as more people look for jobs.
Many people decide to leave the labor force.
Many people decide to leave the labor force.
Consumers buy more goods before inflation raises prices more.
People are able to buy fewer goods and services.
How has the standard of living in the United States generally changed over the past 100 years?
(1 point)
Responses
It has stayed more or less the same.
It has stayed more or less the same.
It has gotten much better.
It has gotten much better.
It has gotten a little better.
It has gotten a little better.
It has gotten much worse.