With which of the following responses would the Census Bureau declare the person unemployed?
a. "I am currently working full-time but my employer is going to lay me off tomorrow."
b. "I am currently working part-time but I would like to work full-time."
c. "I was working at two different jobs, I lost my primary job a few weeks ago, and I am searching for a new job."
d. "I would love a job but I am not looking for one because I have no chance of finding one."
e. "I just turned 16 and I am looking for a job."
E
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If Janet Yellen, Chair of the Federal Reserve Board, begins to tighten monetary policy by raising US interest rates next year, what is the likely impact on the value of the dollar?
a. The value of the dollar falls when US interest rates rise. b. The value of the dollar rises when US interest rates rise. c. The value of the dollar is not related to US interest rates. d. This is known as Purchasing Power Parity or PPP. e. The Federal Reserve has no impact at all on interest rates.
Assume that a country imposes a tariff in order to gain a price advantage on an item. What is the typical response from the exporting country?
a. It accepts the situation, and does nothing about it. b. It seeks greater efficiency in order to offset the tariff. c. It refuses to sell to the country that imposes the tariff. d. It retaliates by imposing tariffs or quotas on items from the other country.
Which of the following statements is true?
A. If the number of unemployed falls and the number of people in the labor force rises, the unemployment rate falls. B. Both liberals and conservatives feel that the official unemployment rate is too low. C. Greater participation by young people in the labor force tends to push the unemployment rate down. D. The unemployment rate for blacks is virtually the same as it is for whites.
By using the same ceteris paribus assumptions, economic principles are just as certain and precise as those of the laboratory sciences.
Answer the following statement true (T) or false (F)