Regarding the number of discouraged workers,
a. the Bureau of Labor Statistics follows rather loose criteria to classify them.
b. they are included in the official unemployment measure.
c. there is universal agreement among economists that they should be counted as unemployed
d. they are also known as involuntary part time workers.
e. no one knows for sure how many are there.
E
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Sovereign debt crises:
a. always occur when debt/GDP ratios reach a specific point. b. mean that the optimal budget deficit is zero. c. can lead to foreign capital flight. d. can lead to exchange rate depreciation. e. both c and d.
Consider two goods X and Y available for consumption. Assume that the price of X changes while the price of Y remains fixed. For these two goods, the price-consumption curve illustrates the
A) relationship between the price of X and consumption of Y. B) utility-maximizing combinations of X and Y for each price of X. C) relationship between the price of Y and the consumption of X. D) utility-maximizing combinations of X and Y for each quantity of X.
Suppose you learn that in 1,900, households spent about 40 percent of their budget on food, and today, they spend about 10 percent of their budget of food. All else equal, this suggests that the price elasticity of demand for food:
A. is probably negative. B. is probably lower now than it was in 1,900. C. has always been very high. D. is probably higher now than it was in 1,900.
If the wage paid to workers increases, the labor demand curve:
A. will not shift. B. shifts to the left and fewer workers are hired. C. shifts to the right and more workers are hired. D. shifts to the right and fewer workers are hired.