Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the number of jobs the economy has gained or lost
a. True
b. False
Indicate whether the statement is true or false
True
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Does the principle of optimization imply that people always make the best choices?
What will be an ideal response?
The opportunity cost of owner-provided labor is the
A) wage rate paid to the owner. B) explicit part of the wage rate paid to the owner. C) salary the owner could have made if she worked at her best alternative job. D) profit after all of the bills have been paid.
Which of the following propositions would a proponent of supply-side economics be most likely to stress?
a. Higher marginal tax rates will lead to a reduction in the budget deficit and lower interest rates, because they expand government revenues. b. Higher marginal tax rates promote economic inefficiency and thereby retard aggregate output, because they encourage investors to undertake low-productivity projects with substantial tax-shelter benefits. c. Income redistribution payments will exert little impact on real aggregate supply, since they do not consume resources directly. d. A tax reduction will increase the disposable income of households. Thus the primary impact of a tax reduction on aggregate supply will stem from the influence of the tax change on the size of the budget deficit or surplus.
If a specific segment of a demand curve is price elastic, then we know that anywhere along that segment, the
a. percentage change in the quantity demanded exceeds one b. percentage change in quantity demanded exceeds the percentage change in price c. percentage change in price exceeds the percentage change in quantity demanded d. the change in quantity demanded exceeds the change in price e. the good has no close substitutes