People who say that they would like to have a job, but have not made an effort to find a job in the past four weeks, are called ________ workers.
A. discouraged
B. unemployed
C. involuntary part-time
D. chronically unemployed
Answer: A
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In comparison to the oversimplified formula for the multiplier, the real-world multiplier is
a. lower. b. higher. c. almost equal to it. d. higher if taxes are included.
A nation has a comparative advantage over a trading partner in the production of good A if it
A. produces good A at a lower opportunity cost per unit than its trading partner. B. can produce good A with the same resources as its trading partner but in less time. C. can match its trading partner's output of good A and have resources left over. D. has an absolute advantage over its trading partner.
As of July 2009, the legal hourly minimum wage was ________.
A. $5.15 B. $6.20 C. $7.25 D. $12.30
At the profit-maximizing level of employment, the monopsonist
A) pays a wage equal to MRP. B) pays a wage greater than MRP. C) pays a wage less than MRP. D) pays a wage equal to MFC.