Econometricians are economists who specialize in
a. descriptive or nontheoretical analysis
b. economic behavioral characteristics of children's consumption
c. the study of microeconomics
d. the historical view of past economic problems
e. quantitative economic research methods
E
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Which of the following is an assumption of the Lewis two-sector model?
a. surplus labor in the rural sector b. high unemployment in the urban modern sector c. rising real urban wages d. rising marginal product of labor in the rural sector
Which of the following would be considered part of the underground economy?
a. tips reported to the IRS by a waitress b. a barber giving a person a haircut in exchange for a meal c. income earned through selling shares of stock d. the portion of a professional athlete's salary that is economic rent e. donations received by a local church in their collection plate on Sunday morning
Economic growth is measured as:
a. the quarterly percentage change in nominal GDP. b. total output per year divided by the inflation rate. c. total nominal GDP at the end of each year. d. the percentage change in population growth per year. e. the annual percentage change in real GDP.
Most American workers
a. are employed in the goods-producing sector. b. are employed by government. c. are employed in the service-producing sector. d. are employed in the agricultural sector.