The Bureau of Labor Statistics defines discouraged workers as marginally attached workers who have given a job-market related reason for not currently looking for a job
a. True
b. False
Indicate whether the statement is true or false
True
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The market system fails to provide the efficient output of public goods because: a. people place no value on public goods
b. private firms cannot restrict the benefits from those goods to consumers who are willing to pay for them. c. public enterprises can produce those goods at lower cost than private firms. d. public goods create widespread spillover costs.
Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A. the same. B. greater. C. smaller. D. either greater than or less, depending on the number of substitutes the good has.
Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced
A. a decrease in the marginal product of labor. B. increased productivity. C. increasing wage rates. D. a decrease in the marginal revenue product of labor.
Theory suggests that minimum-wage laws create ________ unemployment, especially among younger workers
A) frictional B) cyclical C) structural D) under-reported