An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
A) includes the number of self-employed persons.
B) provides an estimate of the number of persons unemployed.
C) is based on actual payrolls, rather than on unverified answers.
D) includes persons employed at newly opened firms.
C
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In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
Who is not included in the labor force by the Bureau of Labor Statistics?
a. Anita, who is on temporary layoff b. Lauren, who has retired and is not looking for work c. Raymond, who does not have a job but has applied for several in the last week d. None of the above is correct.
When firms engage in tacit collusion, they:
a. meet periodically to establish production quotas. b. meet periodically to establish a monopoly price. c. limit production in a way that enhances industry profits. d. compete on price by undercutting each other.
When using a logarithmic scale to plot output per capita over time, an upward-sloping curve that becomes increasingly steep indicates
A) output per capita is not changing. B) output per capita is growing by a constant amount each year. C) output per capita is growing by a constant percentage each year. D) output per capita is growing by an increasing percentage each year. E) output per capita is not defined.