Which of the following is a not direct result of scarcity?
A. Due to high gas prices, Shana decides to trade her Chevy Tahoe for a Honda Accord.
B. Buildings in New York City are taller than buildings in Greenville, SC due to fewer acres of land per person.
C. The total amount of air we can breathe as others draw breaths from that same air space.
D. A college student misses a test review in order to sleep in.
Answer: C
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Phillip is a 22-year old who has no job and is available for work, but has not actively looked for a job in the last month
The Current Population Survey identifies Phillip as ________, ________ the labor force, and ________ the working-age population. A) unemployed; part of; part of B) unemployed; part of; not part of C) not unemployed; not part of; part of D) not unemployed; not part of; not part of E) not unemployed; part of; part of
In a country with a working-age population of 130 million, 90 million workers are employed and 10 million workers are unemployed. What is the unemployment rate?
A) 5.0 percent B) 7.1 percent C) 7.7 percent D) 10.0 percent
If only one firm in an industry could take advantage of a reduced wage and all other firms continue paying the old wage, how would one best describe the one firm's reaction to this reduced wage assuming labor is the only variable input? The
marginal revenue product of labor curve A) would remain unchanged, and the firm would hire more labor at the lower wage. B) shifts to the left, and the firm hires more labor at the lower wage on the new curve. C) shifts to the right, and the firm hires more labor at the lower wage on the new curve. D) shifts to the left, and the firm hires less labor at the lower wage on the new curve. E) shifts to the right, and the firm hires less labor at the lower wage on the new curve.
Explain how "herd behavior" affects the stock market, and contributes to recession