Answer Using True or False, and Why? 1. Economists use the term supply to refer to...

Answer Using True or False, and Why?

1. Economists use the term supply to refer to the quantity of a good that is supplied at various price levels (that is, a set of price and quantity supplied combinations), everything else held constant.

2. The Department of Taxation and Finance is responsible for providing national income statistics.

3. The unemployment rate is equal to the number of people who are unemployed divided by the number of people in the labor force.

Expert Solution

1. True

Economists call this positive relationship between price and quantity supplied that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied the law of supply. The law of supply assumes that all other variables that affect supply are held constant. At higher price a seller will be interested in supplying more goods as it will bring him more profits. The vice versa is also true.

2.False

National Income Statistics is data generated from the value of goods and services produced by a country's economy.The National Income Unit of the Central Statistical Organisation (CSO) is responsible for the estimation of national income. It is responsible for coordination of statistical activities in India, and evolving and maintaining statistical standards.

3.True

Unemployment Rate = Total Unemployed / Total Labor Force * 100

The unemployment rate is one of the primary economic indicators used to measure the health of an economy.

People are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work.The labor force is the number of people who are employed plus the unemployed who are looking for work. The labor pool does not include the jobless who aren't looking for work. For example, stay-at-home moms, retirees, and students are not part of the labor force.

Rahul Sunny answered 2 years ago

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