If an 18-year-old male is taking college classes full-time and does not have a job and is not looking for one, he is considered unemployed.
Answer the following statement true (T) or false (F)
False
One must be actively seeking work to be considered unemployed.
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If the demand for a good is determined to be "inelastic," then the elasticity measure
A) is greater than 1.0. B) is equal to 1.0. C) is less than 1.0. D) is infinite.
The supply and demand for wheat are given by
QS= 20 + 100p QD = 4000 - 100p +10Y Where Y is the average consumer income. a. Compute the partial derivative of quantity demand with respect to changes in average consumer income. b. Solve for the equilibrium price and quantity as functions of the consumer income. c. Compute the derivatives of the equilibrium price and quantity with respect to income.
Your friend Shahla argues that inflation is bad for the economy because it lowers everyone's purchasing power. How would an economist respond to Shahla's statement?
a. Her statement is true. b. Her statement is false because inflation redistributes income but does not change the average level of income in the economy. c. Her statement is true when everyone's nominal income changes by the same amount. d. Her statement is true when wages and benefits are not indexed to the CPI. e. Her statement is true only in a closed economy.
Each of these statements is true except
A. Female-headed black families with children under 18 have a poverty rate of almost 47%. B. Female-headed white families with children under 18 have a poverty rate of almost 35%. C. All families receiving public assistance are poor. D. All poor families receive public assistance.