Matt is a college graduate who majored in creative writing and currently works at a local bookstore as a sales clerk. The best way to describe Matt is to say he is:
A. unemployed.
B. a discouraged worker.
C. underemployed.
D. overemployed.
C. underemployed.
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Which of the following statements is NOT true about the relationship between the dollar value of total output and total income?
A) The dollar value of total output equals total income because profit is considered a cost of production. B) The dollar value of total output equals total income because of the economic definition of profit. C) The dollar value of total output equals total income because profit is not considered a cost of production. D) The dollar value of total output equals total income because the spending of one group is the income of another.
Economics teaches us that
a. every choice has costs associated with it because resources are scarce. b. if all resources were abundant there would be no need to economize or to agonize over decisions. c. judgements have to be made as to the best means to obtain a desired objective. d. All of the above.
The excludability versus nonexcludability issue is
A. relevant to the issue of market failure. B. not relevant to the issue of market failure. C. relevant to the free-rider problem. D. a and c E. b and c
Relative to the Keynesians, the supply-side economists
a. place more emphasis on the importance on the level of investment than on the level of income. b. place more emphasis on the after-tax rate of return as a determinant of investment. c. are more concerned with government budget deficits. d. All of the above