The NBER's Business Cycle Dating Committee picks recession dates by looking at many variables, the four most important of which are industrial production, manufacturing and trade sales, nonfarm employment, and real personal income. These variables are known as
A. lagging indicators.
B. recession indicators.
C. leading indicators.
D. coincident indicators.
Answer: D
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Accounting that relates how growth in inputs of production are related to growth in output is called:
A. input to output accounting. B. national income accounting. C. production accounting. D. growth accounting.
Maximizing shareholder value is synonymous with adding value
Indicate whether the statement is true or false
Economists speaking like scientists make
a. normative statements. b. prescriptive statements. c. claims about how the world is. d. claims about how the world should be.
Why is the short run labor demand curve less elastic relative to the long run labor demand curve?
A. Labor is a normal good. B. Isoquant lines get shallower when the wage increases. C. Firms care about changes in wages in the short run but not in the long-run. D. A perfectly competitive firm can always pay lower wages in the long run. E. Firms are better able to substitute capital for labor in the long run compared to the short run.