Which of the following statements is incorrect?
a. The unemployment rate overstates the labor market's true level of economic hardship because many families have more than one income earner.
b. It is mathematically and economically impossible for the unemployment rate and employment rate to rise at the same time.
c. By reporting that they are "actively seeking work" when they are not, individuals cause the unemployment rate to rise above the true level of hardship.
d. Because part-time workers are counted as fully employed the unemployment rate understates the true level of economic hardship.
.B
You might also like to view...
According to the text, the _______________ is currently the primary reserve currency
A) Chinese renmimbi B) euro C) U.S. dollar D) Japanese yen E) British pound
Social Security payroll taxes are examples of
A. progressive taxation. B. regressive taxation. C. proportional taxation. D. marginal taxes.
Use the above figure. If a commission regulates the above monopoly using fair-return (average cost pricing), then the industry's output will be ________ and the product's price will be ________.
A. Q1; P1 B. Q4; P1 C. Q2; P3 D. Q3; P2
Both a perfectly competitive firm and a monopolist find that:
A. price is less than marginal revenue. B. it is best to expand production until the benefit and the cost of the last unit produced are equal. C. they can sell as many units of output as they want at the market price. D. price and marginal revenue are the same.