The dates of the "official" peaks and troughs of business cycles in the United States are determined by the:
A. Congressional Budget Office.
B. Federal Reserve Board.
C. Council of Economic Advisers.
D. National Bureau of Economic Research.
Answer: D
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In a market economy, decisions about what to produce are made primarily by
a. the government. b. individuals and firms. c. firms in consultation with the government. d. a central planning committee.
Which of the following is not a cost of unemployment?
a. A loss of income b. Emotional or psychological problems c. Loss of job skills d. A decrease in production e. Higher annual inflation rates
A good that is most likely to be in the producer price index is:
A. industrial machinery. B. SUV. C. spaghetti. D. All of these are in the PPI.
Why is a construction worker never likely to earn as much as a famous athlete?
a. Compensating differentials create a higher wage for professional athletes. b. Technological progress has advanced less in the construction industry then in sports training. c. Productivity levels are low in the construction industry due to the high number of people willing to be construction workers. d. A construction worker can provide his services to only a limited number of customers.