Union membership as a percent of the nonagricultural labor force ____ in 1970 to approximately ____ in 2012
a. fell from approximately 30 percent; 11 percent
b. rose from approximately 15 percent; 22 percent
c. fell from more than 40 percent; 10 percent
d. rose from approximately 8 percent; 40 percent
A
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In the income-expenditure model, inventories are:
A. constantly changing and provide insight into the future of the economy. B. a long-run event that aids forecasters in understanding where long-run real GDP is. C. fixed and therefore provide little insight into the direction of the economy. D. often positive, suggesting that additions to inventory stocks are a long-run goal.
Evidence on the existence of relative PPP shows that:
A) the evidence for relative PPP is scanty and theory is large discredited B) the evidence for relative PPP is hit or miss, and so one should exercise cations in using relative PP to predict changes in exchange rates C) relative PPP is an approximate guide to predicting the relationship between changes in inflation and exchange rates over long periods such as decades d) relative ppp holds nearly perfectly in the short and long run, are used with great accuracy to make predictions