When you graduate from college, you may not immediately jump into a job but wait a few months "sampling" the possibilities. During this time, you may be forced to live with your parents and play by their rules. When the BLS comes by to inquire about your working status and you tell them your story, the BLS will record you as being
a. in the labor force but structurally unemployed
b. spoiled and lazy
c. frictionally unemployed
d. not part of the labor force because you're not really looking for a job
e. not in the labor force because you are categorized as belonging to a set of people who are of military age and not working
C
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Refer to Figure 19-11. The graph above depicts supply and demand for British pounds during a trading day, where the quantity is millions of pounds. In order to support a fixed exchange rate of $2.00 per pound, the British central bank must
A) buy 0.6 million pounds per trading day. B) sell 1.2 million pounds per trading day. C) buy 1.2 million pounds per trading day. D) sell 0.6 million pounds per trading day.
When a negative externality is present
A) the market price is too low. B) the market price is too high. C) the market price is at equilibrium. D) none of these choices.
Helen is a 19-year-old single mother of two. She has no car and works at a minimum wage job. She receives some assistance from the government, but every time she earns $1, she loses $1 in government assistance. Helen is caught in the poverty trap, which means that:
a. she is taxed at the higher poverty-line rate. b. making more money does not lead to having more money. c. because she accepts government assistance, she is getting lazier. d. unless she continues to work, her children will go into foster care.
Which of the following is an economic explanation for the "beauty premium"?
a. Employers pay very attractive women less than average-looking women because they believe them to be less intelligent. b. Employers pay above-average-looking men more than above-average-looking women. c. Employers pay above-average-looking women more than average-looking women because customers prefer to deal with better-looking women. d. Employers pay above-average-looking men more because they signal to the market that they are willing to spend more money on personal grooming, a sign of wealth and stability.