ECN 142 Test 2

According to the Bureau of Labor Statistics (BLS) 16 million workers, or 19% of all hourly paid, non-self-employed workers, earned wages at or below the federal minimum wage in 2019

False

Coal only accounts for 6% of China's energy, because of their Clean Air policies.

False

Collectivism believes that every person, because they are rational and equal, are independent beings entitled to the largest possible domain of freedom.

False

Employees covered by both state and federal minimum wage laws are entitled to the lower of the two minimums.

False

Federal Reserve knows the exact level of employment to reach without creating inflation. (Maximum Employment)

False

Global benchmark Brent crude has declined over 26% so far this year, bringing the price back to pre-pandemic levels.

False

It wasn't until 1980 that the Fed adopted a numerical definition of its goal. It said it sought 2% inflation as measured by the Commerce Department's personal-consumption expenditures price index over the medium run.

False

LVMH, the world's biggest producer of Champagne, has taken a 5% stake in Armand de Brignac, the high-end Champagne brand owned by Jay-Z, the rapper and mogul. The brand, one of the youngest in the famed sparkling-wine region, is known for its metallic bottles that cost hundreds of dollars each.

False

Nearly one in four people paid hourly in food services earn minimum wage or less.

False

Researchers estimate that only 4% of unemployment payments in 2020 had taxes withheld. That's important because unemployment benefits are considered taxable income.

False

The Big League Advance payouts are loans, but if the player never reaches the majors, he doesn't have to reimburse the money.

False

The FED defines its inflation target in terms of asset prices, such as stocks, bonds and homes.

False

The FED is now aiming for an "inflation at the rate of over 2 percent over the long run." The Fed continues to decrease the money supply, subtracting over $100 billion of new money to the system with each passing month,

False

The Federal Reserve said Wednesday a hacker disrupted all of its financial-services systems in an extraordinary event that took down key payment systems used by banks, businesses and government agencies for several hours.

False

The eurozone has had a negative policy rate since 1990, which acts as a reference for sovereign and corporate debt, bringing down the cost of borrowing in euros overall.

False

The labor force is the sum of employed and unemployed persons. The labor force participation rate is the labor force as a percent of the military institutional population.

False

The living wage is established by Congress and enforced by the Department of Labor.

False

Two-thirds of surveyed restaurants said they would rely more on technology to reduce labor, and 88% said they would cut hours, if there was an decrease in the minimum wage

False

Universal healthcare, "free" college, the expansion of military power, and so forth are all individualist because they seek to promote the "common good" by forcing citizens to pay for it.

False

When we normally think of the "political spectrum," we picture a linear scale extending in opposite directions. The right side we think of as "liberal" or "progressive," and the left side we consider "conservative."

False

Worldwide, Nuclear power plants usually have to shut down operations due to freezing weather.

False

"The real division is not between conservatives and revolutionaries but between authoritarians and libertarians," Orwell wrote in a 1948 letter to Malcolm Muggeridge .

True

"We know we're going to lose money on over 80% of the players we do deals with," Big League Advance said. "We know that going in. But it's all worth it because of finding a Tatís."

True

(BLS -stat) The Consumer Price Index (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

True

About 40 million Americans received unemployment insurance benefits last year, according to a recent report from the left-leaning Century Foundation

True

Agents have criticized Big League Advance's business model, with some accusing the company of preying on young players who are often Latin Americans who live in poverty and might not fully understand the ramifications of their agreements.

True

As society has become more affluent, more resources have gone into assets like stocks, bonds and second homes

True

Big League Advance uses a proprietary algorithm to project the performance and earning potential of players, in order to establish a set amount it would be willing to pay a player in exchange for each percentage point of future MLB earnings that player is willing to give up.

True

But in reality the two sides (Left vs. Right) tend to share an important commonality: adherents on both sides of the ideological spectrum often seek to impose their personal views on the rest of society.

True

Central banks in other countries—including England, Brazil and Mexico—implemented instant payment systems more than a decade ago. The Fed doesn't anticipate doing so until 2023.

True

Competition from heavily subsidized wind power and inexpensive natural gas, combined with stricter emissions regulation, has caused coal's share of Texas's electricity to plunge by more than half in a decade to 18%.

True

Congress passed the Employment Act of 1946, which states that "it is the continuing policy and responsibility of the federal government to use all practicable means...to promote maximum employment."

True

Currently Janaury 2021, government remains responsible for over a quarter of all person income received, or 26.9 to be precise!

True

Federal minimum wage for tipped employees is $2.13 per hour so long as that amount plus tips received equals at least the federal minimum wage.

True

Fedwire Funds Service processed an average of 727,313 transactions per day in 2020, with an average value of $4.57 million.

True

Governments and companies around the world often tap Europe's bond market to access cheaper funds

True

In 1980, when the federal minimum wage was $3.10 ($9.86 in 2019 dollars), 13% of hourly workers earned the federal minimum wage or less.

True

In January 2021, the unemployment rate fell by 0.4 percentage point to 6.3 percent, and the number of unemployed persons decreased to 10.1 million. Although both measures are much lower than their April 2020 highs, they remain well above their pre-pandemic levels in February 2020 (3.5 percent and 5.7 million, respectively).

True

In the 1950s and 1960s, government transfer payments were around 7% of total personal income.

True

Last month, Jay-Z announced the launch of a fund to invest in minority-owned cannabis start-ups .

True

Low interest rates are intended to spur borrowing, spending and investment, supporting economic growth and hiring.

True

Maximum employment is the highest level of employment or lowest level of unemployment that the economy can sustain while maintaining a stable inflation rate.

True

Most of the natural gas Mexico receives from the United States comes from the Permian, where the production of both oil and gas has been affected by the cold weather that has caused power outages across Texas.

True

Much of the power generation loss in Texas was due to freezing wellheads that impeded the flow of natgas to power stations, triggering electric shortages as demand overwhelmed the grid.

True

Negative interest rates mean that the investor paid the borrower to borrow their money

True

Not in the labor force - includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work.

True

One of the reasons negative interest rates can exist is "You have a lot of mandates and cash that have to be deployed in fixed-income instruments. These euros need a home,"

True

Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work

True

Receiving benefits from the Unemployment Insurance (UI) program has no bearing on whether a person is classified as unemployed.

True

Seven states, including California , don't have a subminimum wage for tipped workers.

True

State unemployment agencies are required to offer the option to withhold 10% of benefits for income taxes, but not all states immediately set up this option.

True

The FED handles tasks including collecting checks, electronically transferring funds, and selling and redeeming Treasury bills.

True

The Fed's inflation target comes from a 1977 congressional mandate requiring the central bank to achieve "stable prices," in addition to maximum employment and moderate long-term interest rates.

True

The Federal Reserve acts as a bank for the nation's banks.

True

The Texas grid is called ERCOT (Electric Reliability Council of Texas). It covers 90% of the state's electric load except for El Paso and the upper Panhandle, and East Texas and is not connectd to either national grid.

True

The average beneficiary for unemployment (2020) received a total of about $14,000 in unemployment benefits.

True

The federal minimum wage was established as part of the Fair Labor Standards Act in 1938.

True

The government might subsidize activities they endorse, or they might restrict people's freedom through regulations for activities they disapprove of.

True

The high concentration of natgas generation on ERCOT's grid makes it vulnerable to power disruptions if fuel flow is disrupted.

True

The nonpartisan Congressional Budget Office earlier this month said that raising the federal minimum wage to $15 an hour by 2025 could deliver raises for up to 27 million workers and lift 900,000 Americans above the poverty threshold. But it would cost 1.4 million Americans their jobs .

True

The partnership shows how European luxury brands are now embracing Black recording artists and hip-hop culture to appeal to a younger, more diverse clientele.

True

The proposal to increase the minimum wage also would eliminate a subminimum wage of as little as $2.13 an hour for millions of workers such as servers or bartenders who receive tips. Both changes would be phased in over several years and largely eliminate a patchwork of state wage laws.

True

The recent cold weather in Texas led to a gas demand surge that caused blackouts in northern Mexico, with some 4.77 million households and businesses left without power.

True

We like to use this one dimensional map (Left vs Right) as a way of comparing and contrasting different ideologies and beliefs, simplifying the complexities of politics into a neat and straightforward tool.

True

While those on unemployment don't have to pay Social Security or Medicare taxes — typically about a combined 7.65% rate — you do have to pay federal income taxes and state taxes in some jurisdictions.

True

Wholesale power prices in Texas recently soared to $9,000 per megawatt hour from a seasonal average of $25.

True

Wind's share (in Texas) has tripled to about 25% since 2010 and accounted for 42% of power last week before the freeze set in.

True