The Bureau of Labor Statistics is responsible for
A. administering the U.S. Census.
B. calculating net marginal product for private businesses.
C. regulating accounting standards.
D. gathering various employment statistics.
Answer: D
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In a typical year, how accurate are forecasts of inflation and real GDP?
a. within 8-10 percentage points b. within 2-3 percentage points c. within 3/4 of 1 percentage point d. within 1/4 of 1 percentage point
Which of the following is likely to happen if investors in an economy become optimistic following the discovery of huge mineral reserves?
A) Unemployment will increase. B) Consumption will increase. C) Real wages will fall. D) Prices will fall.
How does an unusually warm winter affect the equilibrium price and quantity of gloves?
A) It raises both the price and the quantity. B) It raises the price and decreases the quantity. C) It lowers the price and increases the quantity. D) It lowers both the price and the quantity.
Which of the following is a valid reason for protecting an industry?
A) The industry is unable to compete with low-wage foreign competitors. B) Protection penalizes lax environmental standards. C) Protection keeps richer nations from exploiting the workers of poorer countries. D) None of the above reasons is a valid reason for protection.