Janice is a 32-year-old artist who supports herself by cleaning houses. She likes this job because the hours are flexible, leaving her time to go to flea markets, hike, and build her sculptures. She recently raised her prices by $5 per hour. This will make it possible for her to ___________ while maintaining her same standard of living.
a. pick up some additional jobs
b. work fewer hours
c. work longer hours
d. stop working
b. work fewer hours
Janice has other things she wants to do beside work. By raising her prices, she gives herself the opportunity to maintain her standard of living while working fewer hours. This is the trade-off between a person’s labor and leisure choices.
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In 2002 some politicians and many representatives of the steel and iron-ore mining industries in the U.S. complained foreign steel producers were illegally "dumping" steel and contributing to a potential unemployment problem
According to the economic way of thinking, their argument is questionable because A) it is not at all clear what the appropriate or correct price of steel is. B) it is not at all clear what the appropriate or correct cost of steel is. C) it is not at all clear that such an activity increases total unemployment in the U.S. D) all of the above are true.
Declining real GDP for two quarters in a row is often called a recession
Indicate whether the statement is true or false
Economist Edward Prescott is associated with the
A) early spread of the old Keynesian approach. B) creation of the "fooling" model. C) creation of the first "New Classical" approach. D) creation of the "real business cycle" model.
The TANF program was the result of _____
a. the New Deal b. the Great Society programs of President Johnson c. President Reagan's second term in office d. President Clinton's desire to end welfare as conventionally understood