A logical explanation for recessions might be that households have suddenly altered their willingness to work. A problem with this explanation is
a. it is inconsistent with patterns of job searches during recessions
b. the demand for labor rarely shifts
c. the large number of women who entered the labor force in the last four decades
d. it is inconsistent with the classical model
e. the work ethic that is responsible for the decline in American vacations
A
You might also like to view...
Describe the three types of unemployment
What will be an ideal response?
Which group within the National Bureau of Economic Research officially determines whether the economy is in a recession or expansion?
A) The G-4 B) The Business Cycle Dating Committee C) The Business Cycle Governors D) The Turning Point Group
Which statement is true?
A. The Federal Reserve has an excellent record as a "lender of last resort." B. There is little debate about whether or not the Federal Reserve Board should be independent. C. The power of the Federal Reserve is centered largely in its Board of Governors. D. The stockholders in the Federal Reserve receive large profits.
The argument most often used in favor of redistribution is that a society as wealthy as the United States has a moral obligation to provide all its members with the basic necessities of life.
Answer the following statement true (T) or false (F)