How does the Current Population Survey determine if a person should be counted in the labor force?
What will be an ideal response?
To be in the labor force, a person must either be employed or unemployed. To be counted as "employed," in the week prior to the survey the person must either have worked for pay for one hour or more or else worked without pay for fifteen hours or more in a family-owned business or else been temporarily absent from his or her job. To be counted as unemployed in the survey, the person must have had no job, been available for work, and either made specific efforts to find work within the previous four weeks or else be waiting to be recalled to a job from which they were laid off.
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If a life insurance company does NOT require a medical exam of its policyholders, it is most likely that the company
A) charges above-average premiums. B) charges below-average premiums. C) charges no premiums. D) has only very healthy policyholders.
Suppose a single firm supplies all the ceramic windlasses in the U.S. The demand curve that firm faces is
a. elastic everywhere b. unit elastic everywhere c. inelastic everywhere d. perfectly inelastic everywhere e. elastic at the profit-maximizing quantity
What has happened to countries that did not participate in the globalization of the world economy?
a. The fraction of the population living below the poverty line in these countries has decreased. b. These countries have been mired in a low-growth path and are experiencing high poverty rates. c. The socialist policies in these countries have caused a big change in the income distribution, something that globalization could not have achieved. d. The growth rate of these countries is stronger than the First World countries. e. The domestic industries in these countries have experienced robust growth.
When will the difference between the actual deficit and the structural deficit be the largest?
a. in an inflationary gap b. at full employment c. at potential real GDP d. in a recession