Which of the following best describes what has happened to the U.S. labor supply and labor demand over the past 50 years?
a. Labor supply increased and labor demand decreased.
b. Both labor supply and labor demand decreased.
c. Labor supply did not change but labor demand increased.
d. Both labor supply and labor demand increased.
e. Labor supply increased but labor demand did not change.
D
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Most economists accept the need for a required pension system because
A. economists believe that saving is good for the soul. B. people will save less than is optimal knowing that they can rely on welfare, and people may not have the information necessary to calculate their correct level of savings. C. people will save less than is optimal knowing that they can rely on welfare. D. people may not have the information necessary to calculate their correct level of savings.
People who are not employed and are not actively looking for work, because they are fairly certain they could not find a satisfactory job, are counted by the BLS as
A) involuntarily employed. B) neither employed nor unemployed. C) unemployed members of the labor force. D) voluntarily unemployed.
If the price elasticity of demand for radios is 2.5 (dropping the minus sign), then a 50 percent reduction in the price of radios will lead to
A. the sale of 200 additional radios. B. the sale of 125 percent more radios than before. C. the sale of 150 percent more radios than before. D. the sale of 25 percent more radios than before.
The national debt
A. Equals the dollar amount of outstanding U.S. Treasury bonds. B. Will be paid off when the budget is finally balanced. C. Is paid off each fiscal year when the debt is refinanced. D. Will never be paid off in any given year, but it will be entirely paid off when it is refinanced over a number of years.