The reported unemployment rate should be viewed as
a. a useful but imperfect measure of joblessness.
b. clearly smaller than the true unemployment rate.
c. clearly larger than the true unemployment rate.
d. being very close to the true unemployment rate.
a
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If beef and pork are substitutes for consumers, the cross elasticity of demand between the two products must be
A) negative. B) positive. C) indeterminate. D) elastic. E) greater than 1.
The wages of house painters will tend to rise when
a. more people recognize that house painters have very low incomes. b. the alternative earning opportunities of house painters improve. c. house painters can no longer find good paying alternatives for their labor. d. unemployment in the economy is high and there are few alternative jobs available for house painters.
Based on the table showing income inequality in the United States, the proportion of income earned by the lowest fifth of Americans was greatest in ______.
a. 1935
b. 1950
c. 1960
d. 1970
In the loanable funds market, if the government is running a deficit
a. it is a supplier of funds as it is taking in more than it is spending b. it is a demander of funds as it is taking in more than it is spending c. it is a supplier of funds as it is spending more than it is taking in d. it is neither be a supplier or demander e. it is a demander of funds as it is spending more than it is taking in.