Underemployment refers to:
a. seasonal unemployment
b. people working full time though they would rather work part time.
c. the unemployment that occurs when the actual level of employment is less than the full employment level.
d. people working in jobs that do not fully use their skills.
e. people working part time.
d
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The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Unemployment will equal
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
A corporation's management
A) hires the board of directors. B) is liable for the corporation's debts. C) owns the corporation. D) operates and controls a corporation in its day-to-day activities.
Which of the following will lead to a decrease in the equilibrium interest rate in the economy?
A) a decrease in GDP B) an increase in the reserve requirement C) an increase in the price level D) a sale of government securities by the Fed E) an increase in the discount rate
Explain why one can write the demand for money as the price level times a function of the interest rate and real income as follows: = PxL (R, Y)
What will be an ideal response?