Question

22 multiple choice 1 point
what are the four possible categories of a person in the us?
employed, unemployed, out of the labor force, disabled
employed, unemployed, out of the labor force, retired
employed, unemployed, out of the labor force, not possibly part of the labor force
employed, unemployed, self-employed, not employed

23 multiple choice 1 point
what is the role of households in macroeconomics?
to work for income producing output for firms and spend their income on output of firms
to produce goods and services
to maximize profits

24 multiple choice 1 point
what is an oligopoly market?
a market with one seller and many buyers
a market with a few sellers selling unique goods
a market with many sellers and many buyers

25 multiple choice 1 point
why is money a topic that comes up frequently in economics?
because economists are only interested in money
because money is the only thing that makes people happy
because all decisions made involving money are easy to measure and talk about

26 multiple choice 1 point
what is a production possibilities curve?
a curve that shows all of the possible combinations of production that an economy can make with its resources
a curve that shows all of the goods that an economy can produce
a curve that shows the demand for goods in an economy
a curve that shows the price of goods in an economy

Explanation:

Analyze labor force categories

The US Bureau of Labor Statistics classifies the adult population into: employed, unemployed, and not in the labor force. A fourth category often included in broader demographic/economic surveys to capture the entire population is "not possibly part of the labor force" (such as children under 16 or institutionalized individuals).

Analyze the role of households

In the circular flow model of macroeconomics, households provide labor and other factors of production to firms in exchange for income, and then use this income to purchase goods and services produced by those firms.

Define oligopoly market

An oligopoly is a market structure characterized by a small number of relatively large firms (a few sellers) that dominate the industry, selling either identical or differentiated (unique) products.

Analyze the role of money in economics

Money serves as a common unit of account, meaning it provides a standard measure of the value of goods, services, and decisions, making economic choices easier to quantify, compare, and analyze.

Define Production Possibilities Curve

The Production Possibilities Curve (PPC) is a graphical representation showing all the maximum possible combinations of two goods or services that an economy can produce given its fixed resources and technology.

Answer:

Question 22

• Employed, unemployed, out of the labor force, disabled
• Employed, unemployed, out of the labor force, retired
• Employed, unemployed, out of the labor force, not possibly part of the labor force (Correct answer)
• Employed, unemployed, self-employed, not employed

Question 23

• To work for income producing output for firms and spend their income on output of firms (Correct answer)
• To produce goods and services
• To maximize profits

Question 24

• A market with one seller and many buyers
• A market with a few sellers selling unique goods (Correct answer)
• A market with many sellers and many buyers

Question 25

• Because economists are only interested in money
• Because money is the only thing that makes people happy
• Because all decisions made involving money are easy to measure and talk about (Correct answer)

Question 26

• A curve that shows all of the possible combinations of production that an economy can make with its resources (Correct answer)
• A curve that shows all of the goods that an economy can produce
• A curve that shows the demand for goods in an economy
• A curve that shows the price of goods in an economy