How is it established that someone is "actively looking for work" in order to count her as unemployed?
A. She must provide copies of all of her job search-related correspondence
B. She must have taken some action to find a job in the last four weeks
C. She must say that she would be willing to take a job if offered one
D. She must have gone on at least one job interview in the past year
Ans: B. She must have taken some action to find a job in the last four weeks
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The automatic mechanism can best be described as:
A) the process of the economy adjusting back to potential GDP without any action taken by the government B) the result of monetary policy implemented by the Fed restoring full employment C) how fiscal policy is used to return the economy to its potential D) using rule-based policies to stabilize the economy
An increase in the real wage
A) represents a pure substitution effect. B) represents a pure income effect. C) represents a combination of income and substitution effects. D) causes a parallel shift in the consumer's budget line.
Opponents of inflation targets believe that: a. such targets will encourage workers to shirk work
b. such targets will lead to unsustainable economic growth. c. such targets will lead the Fed to pay less attention to jobs and economic growth. d. such targets will cause international competitiveness to be lost and the value of savings to be reduced. e. such targets would prevent investors from investing in profitable ventures.
As of 2008, approximately what fraction of U.S. GDP does government purchases now represent?
a. One-half b. Three-quarters c. None; it is not included in GDP d. Two-thirds e. One-fifth