The U.S. Bureau of Labor Statistics defines the unemployment rate as
a. The percentage of the population who are not working
b. The percentage of people who are looking for their first job
c. The percentage of workers who lose their jobs
d. The percentage of the labor force not employed but actively seeking work in the past 4 weeks
Answer: d. The percentage of the labor force not employed but actively seeking work in the past 4 weeks
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It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.
Refer to Figure 4-10. Suppose the market is initially in equilibrium at price P1 and now the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax? For demand curve D1
A) the producer bears the entire burden of the tax if the supply curve is S2 and the consumer bears the entire burden of the tax if the supply curve is S1. B) the producer bears a smaller share of the tax burden if the supply curve is S2. C) the producer's share of the tax burden is the same whether the supply curve is S1 or S2. D) the producer bears a smaller share of the tax burden if the supply curve is S1.
The difference in the price the buyer pays and the price the sellers keep in the presence of a tax is called:
A. a tax differential. B. a tax wedge. C. the tax incidence. D. the tax burden.
The entity that carries full responsibility for setting the overall direction of monetary policy and guiding the money supply is the:
A. Federal Open Market Committee. B. Federal Reserve Chairman. C. Board of Governors. D. regional bank presidents' cabinet.