The household and establishment surveys sometimes differ on the labor market conditions. This is probably because ________
A) the establishment survey counts a worker who holds two jobs twice and the household survey does not
B) the establishment survey only counts employees of a company and the household survey also counts the self employed
C) the establishment survey covers more workers than the household survey
D) all of the above
E) none of the above
D
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An aggregate supply curve represents the relationship between the ________.
A. price level that producers are willing to accept and the price level buyers are willing to pay B. price level and the buying of real domestic output C. real domestic output bought and the real domestic output sold D. price level and the production of real domestic output
Which of the following is true of an externality?
a. An externality enhances the efficiency of the market system. b. An externality is not an economic problem because it is external to the market. c. An externality is a cost borne by the people who are directly or indirectly involved in the production of a good or service. d. An externality accrues to someone who had nothing to do with the production or consumption of a good or service. e. An externality refers to some unexpected change in the equilibrium price or quantity of a product.
The political business cycle refers to
a. the fact that about every four years some politician advocates greater government control of the Fed. b. the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected. c. the part of the business cycle caused by the reluctance of politicians to smooth the business cycle. d. changes in output created by the monetary rule the Fed must follow.
The price elasticity of demand for leisure air travel is -1.60. Therefore, a
A. 16 percent decrease in the price of leisure air travel will cause a 10 percent increase in the amount of leisure air travel. B. 10 percent decrease in the price of leisure air travel will cause a 16 percent increase in the amount of leisure air travel. C. a 16 percent decrease in the price of leisure air travel will cause a 10 percent decrease in the amount of leisure air travel. D. 10 percent decrease in the price of leisure air travel will cause a 16 percent decrease in the amount of leisure air travel.