The BLS reports the U-6 measure of labor underutilization. Which of the following is how it computes U-6?
a. (total unemployed + marginally attached workers)/adult population
b. (total unemployed + marginally attached workers + part-time employed for economic reasons)/adult population
c. (total unemployed + marginally attached workers)/(labor force + marginally attached workers)
d. (total unemployed + marginally attached workers + part time employed for economic reasons)/(labor force + marginally attached workers)
d
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A monopsony pays a wage rate that is
A) greater than value of marginal product. B) equal to the marginal cost of labor. C) less than value of marginal product. D) unacceptable to the workers hired.
It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because:
a. the profit amounts were small. b. they were not the types of profits conservative bankers wanted to pursue. c. regulations and opportunity costs involved with the issuance itself limited the profits. d. All of the above are correct. e. Only a and c are correct.
In the 1700s, Reverend Thomas Malthus predicted that:
a. per capita economic growth would not change very much since humans were already content with their standards of living. b. per capita economic growth would tend to rise as modern birth control techniques caused the rate of population growth to decline. c. per capita economic growth would eventually become negative since population growth would tend to outstrip production. d. per capita economic growth would tend to rise in the future because technological advances in production would outpace population growth.
What is GATT and what happened to tariff rates as a result of GATT?
What will be an ideal response?