Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I. Mrs. X works 20 hours a week but wishes to work 40 hours a week. II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: B. II only
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Many central banks around the world target an inflation rate of about ________, because of upward bias in measured inflation and to reduce the risk of deflation
A) -2%. B) 0%. C) 2%. D) 5%.
The demand for good X has been estimated to be ln Qxd = 100 - 2.5 ln PX + 4 ln PY + ln M. The own price elasticity of good X is
A. -2.5 B. 4.0 C. -2.5 percent D. 4.0 percent
The amount by which the burden of a tax exceeds the total revenue collected is called
A. neutrality. B. tax incidence. C. undue burden. D. excess burden.
We all behave as speculators in our economic transactions
A) because everyone likes to gamble. B) because we all act in the hope of benefits from a correct anticipation of future events. C) unless we never buy on credit. D) unless we use the services of middlemen.