Discuss the unequal burden of unemployment for different demographic groups in the United States.
What will be an ideal response?
Unemployment is unequally distributed among various groups. Blue collar workers experience higher rates of unemployment than white-collar workers. Teenagers have much higher rates of unemployment than adults. The unemployment rate for African Americans is about twice that of whites. Males and females, however, have about the same rate of unemployment, although in the 2007-2009 recession unemployment was higher for males. Also, not all individuals are unemployed for long periods—fifteen weeks or more. For example, in 2009 the long-term (15 weeks or more) unemployment rate was much less (4.7%) than overall unemployment (9.3%).
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What are the four main ways in which the CPI is an upward-biased measure of the price level?
What will be an ideal response?
"Partial" crowding out of fiscal policy occurs when the
A) LM curve is horizontal. B) LM curve is upward-sloping. C) LM curve is vertical. D) IS curve is vertical.
Economists' suggestions for social policy are determined by subjective value judgments as well as by objective economic analyses.
Answer the following statement true (T) or false (F)
A prisoner's dilemma illustrates situations in which:
A. there is a conflict between the narrow self-interest of individuals and the broader interests of a group. B. resources with the lowest opportunity cost should be used first. C. efficiency is an important social goal. D. everyone does best when each person specializes in the activities in which he or she has a comparative advantage.