Economic data:
A. are sometimes revised months or years after their initial release.
B. are never fully reliable, even after years of revisions.
C. tend to be completely reliable and accurate when first reported.
D. are meaningless if not interpreted by a policymaker with good instincts.
Ans: A. are sometimes revised months or years after their initial release.
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Refer to Game Matrix I. The only outcome in this game that is not Pareto optimal is
a. the upper left-hand corner.
b. the upper right-hand corner.
c. the lower left-hand corner.
d. the lower right-hand corner.
In the 1970s, the U.S. economy ________
A) grew at a faster pace than in the previous decade B) experienced low inflation C) experienced increases in unemployment D) all of the above E) none of the above
A worker who loses a job at a call center because business firms switch the call center to another country is an example of:
a. Cyclical unemployment b. Frictional unemployment c. Disguised unemployment d. Structural unemployment
Hurricane Katrina destroyed much of New Orleans and other parts of the South. Which of the following statements is true? The hurricane:
A. caused the production possibilities frontier of the United States to shift. B. caused the production possibilities to increase, since it created a lot of work to rebuild the city affected areas. C. caused the production possibilities frontier of the United States to shift in. D. didn't change the production possibilities frontier, but moved from a point on the frontier to a point inside the frontier.