HMWK3ANS - Economics 102 Spring 2000 Homework #3 Due...

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Economics 102 Student Name: Spring 2000 ID#: Homework #3 T.A. Name: Due 3/27/00 Sec. Code: Note: If asked to graph please use 1/4" graph paper. Label this paper with your name, id#, T.A. name, and the number of your discussion section. If you need additional paper label it similarly. All homework paper should be stapled together. There will be no stapler at the large lecture hall. Please xerox your homework so that you can compare your answers to the answer sheet. 1. Answer true or false:(one point each, 22 points total) a. The civilian labor force for a country includes people serving in the military for that country. False b. When an economy operates at full employment there is no frictional or structural unemployment. False c. A family member (over age 16) who works for a family enterprise for eighteen hours a week without pay is considered unemployed. False d. The money used in the U.S. is an example of commodity money. False e. An equal percentage increase in the wage rate and the price level will result in an increase in nominal wages and no increase in real wages. True f. The opportunity cost of making transactions increases during a period of inflation. True g. A significant limitation of the CPI relates to substitution bias since the CPI is calculated using a fixed market basket that does not vary as relative prices vary. True
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This note was uploaded on 08/08/2008 for the course ECON 102 taught by Professor Drozd during the Spring '08 term at Wisconsin.

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HMWK3ANS - Economics 102 Spring 2000 Homework #3 Due...

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