Incomes for adults vary widely across race and gender in the United States. These differences could be due to:
A. choice of occupation.
B. experience.
C. education.
D. All of these can explain the differences.
Answer: D
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Referring to the graph above, an economic variable that had peaked in December 1911, November 1914, and February 1919 is likely a ________ variable
A) leading countercyclical B) leading procyclical C) lagging countercyclical D) lagging procyclical E) none of the above
After an employer pays the cost of educating a worker,
a. the worker has a higher level of human capital. b. the worker should become more productive. c. the worker might look for another job unless his employer pays him more. d. All of the above are correct.
The income elasticity of demand for a food is unity. A consumer's monthly income is $2,000, of which 20 percent is spent on food. If income doubles, the amount spent on food will be:
A. $400 per month. B. $1,000 per month. C. $500 per month. D. $800 per month.
Assume an economy experiences, for a given period, a 4% increase in output and a 4% increase in productivity. Given this information, we know that which of the following occurred for this economy during this period?
A) The unemployment rate increased during this period. B) The unemployment rate decreased during this period. C) The unemployment rate did not change during this period. D) The effects on the unemployment rate are ambiguous. E) none of the above