What problems arise in interpreting unemployment data?
Because people move into and out of the labor force very often, unemployment statistics are difficult to interpret. Some people who are classified as unemployed may not, in fact, be trying very hard to find a job. Some people say they are unemployed when, in fact, they are being paid cash "under the table" to avoid taxes and/or to qualify for government benefits. Discouraged workers could reasonably be considered unemployed, yet they are categorized as out of the labor force.
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Why is China's currency undervalued?
A) The Asian miracle is over. B) They do not trade with the U.S. C) They do not allow their currency to appreciate despite large external surpluses. D) They are stockpiling international reserves to protect against the next East Asian crisis. E) They are not aware of the real value of their currency.
A worker will become indifferent between spending the next hour on work or leisure if the benefit of another hour of work is:
A. less than the opportunity cost. B. exactly equal to the opportunity cost. C. constant for each additional hour worked. D. greater than the opportunity cost.