Unemployment is a:
A. leading indicator, because the business cycle follows it.
B. lagging indicator, because the business cycle follows it.
C. leading indicator, because it follows the business cycle.
D. lagging indicator, because it follows the business cycle.
D. lagging indicator, because it follows the business cycle.
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A number of economists have estimated the impact of unionization on workers' wages. Which of the following is one conclusion reached by these studies?
A) Holding constant the impact of other factors that affect wages, being in a union has no impact on a worker's wages. B) Being in a union increases a worker's wages by about 10 percent, holding constant other factors that influence wages. C) Union workers earn less than they would if they were not unionized. This is because of the impact of workers' strikes, during which union members do not receive wages. D) The share of national income received by workers has increased significantly over time; unions have been responsible for about one-half of the increase in workers' share of national income from the end of World War II to 2000.
The reason a brand name item (e.g., Tyson chicken) has a larger price elasticity than a class of items (e.g., chicken) is that:
A. there are fewer substitutes for Tyson chicken than for chicken generally. B. the share of income spent on "chicken" is larger than spent on "Tyson Chicken". C. there are fewer substitutes for chicken generally than for Tyson chicken. D. it takes a lot of time to adjust to a substitute brand of chicken.
Recently, the American Institute of Certified Public Accountants changed the educational requirements for certification from 120 college credits to 150 college credits. This policy change represents
A) an increased cost to potential entrants B) a reduction in costs for incumbents C) an increased cost for incumbents D) accommodated entry
The Bretton Woods conference led to the creation of the International Monetary Fund (IMF).
Answer the following statement true (T) or false (F)