Which of the following demographic groups in the U.S. has the highest unemployment rates?
A. college graduates
B. white working-age people
C. African-American teenage males
D. all working-age people with a high school diploma but no college
Answer: C
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Pareto optimality and Pareto superiority _____
a. concern only monetary gains and losses b. compare utility gains with utility losses c. do not require interpersonal utility comparisons d. are equivalent to the concept of economic efficiency
According to the natural rate hypothesis, the unemployment rate should equal 0 percent in the long run
a. True b. False Indicate whether the statement is true or false
Which of the following correctly distinguishes an active versus passive policy approach?
a. An active policy approach is restricted to open-market operations by the Fed, while a passive policy approach includes changes in the required reserve ratio, and fiscal stimulus in the form of government spending. b. An active policy approach is used to close a contractionary gap, while a passive policy approach is used to close an expansionary gap. c. An active policy approach is based on monetary aggregate targets, while a passive policy approach is addressed to interest rate stability. d. An active policy approach is based on the notion that discretionary fiscal or monetary policy can reduce the costs imposed by an unstable private sector. A passive approach is based on the idea that discretionary policy contributes to the instability of the economy and thus is part of the problem.
Efficiency wages contribute to
a. frictional unemployment and the natural rate of unemployment. b. frictional unemployment but not the natural rate of unemployment. c. structural unemployment and the natural rate of unemployment. d. structural unemployment but not the natural rate of unemployment.