Every month when the Bureau of Labor Statistics (BLS) announces the unemployment rate, it also announces the number of jobs the economy has gained or lost. Where does the BLS get the data about jobs?
a. from the survey of 60,000 households, which is called the Current Population Survey
b. from the Establishment Survey that measures both frictional and structural unemployment
c. from the survey of 160,000 business that have over 40 million workers on their payrolls
d. from the Congressional Budget Office, which also calculates the GDP of the United States
c
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Which of the following exemplifies a microeconomic question?
A. Is the aggregate output in the economy greater this year than last year? B. What is the current national rate of unemployment? C. Is the economy experiencing a decline in the rate of inflation? D. Will a new type of electronic reader or tablet increase the number of buyers?
When housing prices decrease, household wealth ________, and consumption ________.
A. increases; increases B. decreases; decreases C. increases; decreases D. decreases; increases
The Sherman Act of 1890
A) established the corporate income tax. B) prohibited price-setting agreements among sellers. C) required employers to bargain collectively with labor unions. D) set maximum prices railroads could charge interstate shippers. E) set minimum prices railroads could charge without being guilty of unfair trade practices.
Ellen's Painting Services is a perfectly competitive firm that currently paints 10 houses a month and charges $100 per house, which is the going market price
Ellen's marginal cost is positively related with the quantity of service she provides and is currently $120. What should Ellen do to increase her economic profit? Paint more houses? Raise her price? Explain your answer.