What is one of the criticisms of measuring unemployment?
a. People who are not employed and not seeking work are counted as unemployed.
b. People who are self-employed but not reporting their income to tax authorities are counted as employed.
c. People who report that they are looking for work, but are not looking very hard, are counted as unemployed.
d. People who do not have jobs and would be available to work but have gotten discouraged at the lack of available jobs in their area and stopped looking, are counted as unemployed.
c. People who report that they are looking for work, but are not looking very hard, are counted as unemployed.
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A truly voluntary exchange
A) has nothing to do with values, only with things. B) is always an exchange of equal values. C) is not an exchange of equal values. D) is usually an exchange of equal values.
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market's transition to the long run when some firms in the market are earning economic profits?
A) Panel A B) Panel B C) Panel C D) Panel D
Which of the following transactions would be included in Japan's current account?
A) A Japanese citizen purchases 50 shares of Google stock. B) An American citizen purchases a new Toyota made in Japan. C) A Japanese citizen purchases a new Toyota made in Japan. D) An American citizen purchases 50 shares of Toshiba stock.
The nonrivalrous character of technological ideas suggests that ________
A) patent law protection is ultimately inefficient B) technological change follows a logarithmic pattern C) technology developed in one industry, e.g. the vodka industry, cannot be used in another industry, e.g. the automobile industry D) ideas can be used over and over again