Which of the following is not a reason for publishing quarterly reports on the GDP?
a. it makes it easier to analyze movements in the GDP.
b. the high and low quarters of business fluctuations are easier to spot.
c. a full year’s statistics are not useful to economists.
d. economic downswings and upswings can be recognized at an earlier date.
c. a full year’s statistics are not useful to economists.
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When a group lobbies for the prevention of free trade, the most likely reason is
A) rent seeking. B) tariff revenue. C) defense against expensive domestic labor. D) preservation of the environment.
If you were building a macroeconomic model that explores the effect of an increase in income tax rates on the size of the labor force, the endogenous variable(s) would be
A) income tax rates. B) the size of the labor force. C) both income tax rates and the size of the labor force. D) neither income tax rates nor the size of the labor force.
All of the following statements would make a reasonable hypothesis to test except
A) Long-run economic growth leads to higher real GDP per capita. B) An inflation rate below 3% is good for an economy. C) Increasing tax rates eventually lead to a decrease in work effort. D) Decreases in the unemployment rate lead to increases in the rate of inflation.
Examining U.S. business cycles over time reveals that they ________
A) occur at regular intervals B) are of uniform duration C) are of similar magnitude D) all of the above E) none of the above