Who among the following people will an economist consider underemployed?
a. Someone who prefers to spend more time on leisure and less time on wage-earning activities
b. A person who is working part-time at wage-earning activities, but prefers a full-time employment
c. A rock star who voluntarily chooses to work part-time
d. Someone who is in prison and is willing to work from his cell
e. A gardener who hates plants but still does the job because he or she has no other skills
b
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The GDP deflator is a measure of
A) taxes and subsidies. B) changes in quantities. C) prices. D) depreciation. E) changes in nominal GDP.
Julie always purchases the soda with the lowest price. For Julie, the cross price elasticity of demand for brand X and brand Y will be
A) equal to 0. B) negative. C) positive. D) impossible to determine without more information.
During the last four decades, the share of health-care expenditures paid for by third parties (either the government or insurance companies)
a. has remained relatively constant. b. fell from approximately 60 percent in 1960 to 30 percent in 2007. c. increased from approximately 45 percent in 1960 to over 85 percent in 2007. d. declined during the 15 years following the passage of Medicare but has been increasing since 1980.
If the price level were to rise from 160 to 200, in what direction and by how much would the value of a dollar change?