Whom does the Bureau of Labor Statistics include in the "discouraged workers" group?
a. All those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment.
b. Civilian labor force members who have chosen early retirement because they dislike their work or think the pay is too low.
c. Members of the noninstitutional population who say they want to be employed but aren't searching for a job.
d. Members of the civilian labor force who are looking for a job but cannot find one.
e. Anyone in the population who is not working.
c
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Refer to Figure 17-2. Suppose the Fed used expansionary policy to push short-run equilibrium to point B. If the short-run equilibrium remained at point B long enough,
A) the economy would move back to point A. B) the short-run Phillips curve would shift down. C) the economy would stay at point B in the long run. D) the short-run Phillips curve would shift up.
The distributed lag model is given by
A) Yt = ?0 + ?1Xt + ?2Yt-1 + ut. B) Yt = ?0 + ?1Yt-1 + ?2Yt-2 + ... + ?rYt-r + ut. C) Yt = ?0 + ?1ut + ?2ut+1 + ?3ut+2 + ... + ?r+1ut+r + et. D) Yt = ?0 + ?1Xt + ?2Xt-1 + ?3Xt-2 + ... + ?r+1Xt-r + ut.
Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is
a. above the labor supply curve under perfect competition b. the market supply curve of labor c. below the labor supply curve under perfect competition d. changed because workers are now more willing to supply labor e. perfectly horizontal
If demand is inelastic and the price falls, the total revenue
A) rises. B) falls. C) remains constant. D) might rise, fall, or remain constant. E) becomes negative.