Joseph Is 54 Years Old and Has Been Looking for Work

question 33

Multiple Choice

Joseph is 54 years old and has been looking for work for 16 months.He is sure that he has been unable to obtain work because younger employees are more appealing to employers.If true,this is an example of

• A)the fundamental attribution error.
• B)self-serving bias.
• C)selective perception.
• D)inconsistency.
• E)prejudice.

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Definitions:

Current Production

The total value of all goods and services produced within a given period by an economy.

Real Gross Domestic Product

Real Gross Domestic Product is another term for Real GDP, indicating the value of all goods and services produced by an economy adjusted for inflation or deflation.

Inventories

The stockpiles or amounts of goods being held by a business to fulfil future sales or production needs.

Aggregate Expenditure Line

A graphical representation that shows the total spendings in an economy at various levels of national income, illustrating the relationship between overall spending and the output level at which the economy can be in equilibrium.