A general rule is that an economy is experiencing a recession when
A. real GDP declines for at least three months.
B. real GDP declines for at least nine months.
C. nominal GDP declines for at least nine months.
D. real GDP declines for at least six months.
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Employment of labor in a country other than the firm's home country is called
A) employing guest workers. B) outsourcing. C) employing non-naturalized workers. D) employing illegal aliens.
How might the input market for capital affect the labor market?
a. Workers might be replaced by machines if capital costs are lower than wages. b. As the cost of capital rises, owners are more willing to increase the supply. c. Demand for capital rises as the supply of labor moves toward equilibrium. d. When equipment is new, workers usually do not help to increase profits.
The solvency of Social Security can be extended if
A. the tax rate is reduced. B. the cap on taxable earnings is lowered. C. the retirement age is reduced. D. the program is means tested.
?Kites /hourSnowboards /hourJesse81April123
Based on the data in Table 18.1, if Jesse and April choose to specialize and trade, then:
A. April will specialize in painting kites and trade kites for snowboards. B. April will specialize in painting snowboards and trade snowboards for kites. C. Jesse will specialize in painting snowboards and trade snowboards for kites. D. None of these; specialization and trade are not beneficial for Jesse and April.