The first difference of the logarithm of Yt equals
A) the first difference of Y.
B) the difference between the lead and the lag of Y.
C) the approximately the growth rate of Y when the growth rate is small.
D) the growth rate of Y exactly.
Ans: C) the approximately the growth rate of Y when the growth rate is small.
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Structural unemployment is likely to be affected by
A) the reservation wage curves of people. B) minimum wage laws and other "rigidities" in the economy. C) recessions and expansions. D) the amount of the money supply.
U-4, U-5 and U-6 are
A) all broader measures of the unemployment rate. B) all narrower measures of the unemployment rate. C) not used by the Bureau of Labor Statistics because they include too much variability. D) narrower measures of the labor force participation rate. E) broader measures of the labor force participation rate.
In the economic way of thinking, the costs of a recession are predominantly
A) the costs of using money. B) the excessive costs of advertising in the face of persistent, falling demand. C) the costs of disappointed expectations and discoordination of plans. D) the costs associated with high nominal interest rates.
Which of the following statements is an example of a positive, as opposed to normative, statement?
a. Americans deserve a cleaner environment. b. Reducing emissions reduces days missed from school due to asthma. c. All Americans are entitled to quality health care. d. Economic policies should focus on improving equality.