The official data on employment and unemployment in the U.S. economy are derived from
What will be an ideal response?
a monthly survey of a carefully constructed sample of households.
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Suppose that a large rogue wave destroys the (thankfully unoccupied) fleet of swordfish fishing boats docked in the Gloucester, Massachusetts harbor. What happens to the earnings of fishermen and women in Gloucester?
a. The reduction in the supply of fishing boats increases the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to fall. b. The reduction in the supply of fishing boats reduces the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to fall. c. The reduction in the supply of fishing boats increases the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to rise. d. The reduction in the supply of fishing boats reduces the marginal productivities of Gloucester fishermen and women, which causes the equilibrium wage to rise.
The time inconsistency of monetary policy means that
a. once people have formed expectations of low inflation based on a promise by the central bank, the central bank is tempted to raise inflation to lower unemployment. b. at some times central banks think it is more important to keep unemployment low; at other times, they think it is more important to keep inflation low. c. monetary policy is not consistent across time because it is influenced by politics. d. monetary policy is not consistent across time because policymakers are incompetent.
Proponents of tax-law changes to encourage saving would
a. argue that corporate tax rates should be decreased. b. increase the number of government benefits which are means-tested. c. argue that state sales tax should be replaced with state income tax. d. favor none of the above programs.
A firm can minimize its losses by shutting down when ________ are less than ________ costs.
A. variable costs; fixed B. fixed costs; variable C. operating profits; sunk D. revenues; variable