The underemployed are those people who are
A. not looking for work actively enough to be considered unemployed.
B. unemployed due to the ups and downs of the business cycle.
C. working at a job below their skill level while looking for a better job.
D. working full-time but want to work only part-time.
Answer: C
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When firms reduce their target level of inventories, planned investment ________, and equilibrium expenditure and real GDP ________
A) rises; increase B) falls; remains the same C) rises; decrease D) falls; decrease E) falls; increase
Suppose Regretta Sigh becomes the lucky winner of a $10,000,000 state lottery jackpot after purchasing a single $1.00 lottery ticket. How does her lucky expenditure affect current GDP?
A) GDP rises by $1.00. B) GDP rises by $9,999,999. C) GDP rises by $10,000,000. D) GDP rises by $10,000,001. E) GDP rises by the present value of the total cash prize.
John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered:
a. chronically unemployed. b. a discouraged worker. c. a member of the labor force. d. frictionally unemployed.
How will price, output, and profit compare if firms maximize sales rather than profit?