Which of the following groups would not be considered part of the labor force?
a. U.S. senators
b. Self-employed individuals
c. Individuals who are employed five hours (or less) per week
d. Individuals who have given up looking for work because they have been unable to find a job
e. Social Security recipients who work part time
D
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Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
a. money. b. an economic model. c. a resource. d. Ceteris paribus. e. scarcity.
The official definition of a recession is when real GDP declines for two consecutive quarters
a. True b. False
For the equation Y = a + bX, the objective of regression analysis is to
A. fit a straight line through the data scatter in such a way that the sum of the squared errors is minimized. B. estimate the variables Y and X. C. estimate the parameters a and b. D. both a and c
The best example of a command socialist economy is:
A) Russia. B) China after 1979. C) Cuba. D) the United States.