The Bureau of Labor Statistics defines a person as unemployed if he or she does not:
a. work full time.
b. have a job but is actively seeking one.
c. earn a wage above the minimum wage rate.
d. earn enough income to be above the poverty level.
e. work as much as he or she desires.
b
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For a firm, the production function represents the relationship between
a. implicit costs and explicit costs. b. quantity of inputs and total cost. c. quantity of inputs and quantity of output. d. quantity of output and total cost.
Suppose that over the past year, the real interest rate was 3 percent, the CPI was 126.2 at the beginning of the year, and the CPI was 129.5 at the end of the year. It follows that
a. the dollar value of savings increased at 5.6 percent, and the purchasing power of savings increased at 3 percent. b. the dollar value of savings increased at 0.4 percent, and the purchasing power of savings increased at 3 percent. c. the dollar value of savings increased at 3 percent, and the purchasing power of savings increased at 5.6 percent. d. the dollar value of savings increased at 3 percent, and the purchasing power of savings increased at 0.4 percent.
Why would the establishment of protective trade barriers be a poor way of protecting workers in domestic industries?
What will be an ideal response?
When quantity demanded is greater than quantity supplied, market price is ________ the equilibrium price.
Fill in the blank(s) with the appropriate word(s).