Who is counted as employed or unemployed in the unemployment statistics? What groups in society are not represented at all in the unemployment statistics (i.e., who is not a part of the civilian labor force)? How is the unemployment rate measured?
Employed individuals are members of the noninstitutional adult population who have worked at least one
hour in a market job over the period. Unemployed individuals are members of the noninstitutional adult
population and have looked for employment at least once in the past four weeks. The civilian labor force
equals the number of unemployed plus the number of employed. Those not counted at all are retired
persons, non-adults, full-time students, people choosing household production over market work, the
disabled, discouraged workers, and the institutionalized adult population. The unemployment rate is simply
the ratio of the number of unemployed to the number of people in the civilian labor force.
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In December 2010, Kansas had a severe ice storm that caused electrical blackouts. The Fictitious Portable Generator firm of Lawrence had several portable generators that could be used by homeowners to provide electricity
Which of the following would be the fair-rules way to provide them? A) The government confiscates the generators owned by Fictitious and distributes them. B) Fictitious is forced by the state to rent the generators at half the normal rate. C) The state sets up a lottery to determine who rents the available generators at the normal rate. D) Fictitious rents generators at the equilibrium market price. E) Fictitious follows government commands about who gets to use the generators.
From an ethical standpoint, the plantation owners of the South typically saw the system of slavery as
(a) basically superior to the wage-labor system of the North. (b) basically inferior to the wage-labor system and only likely to exist temporarily. (c) basically equal to the wage-labor system but more profitable. (d) not needing a moral justification because slavery had been accepted without question throughout most of human history.
The motivating force behind an increase in supply in a long-run adjustment to equilibrium is
a. lower prices b. economic profits that are present in the short run c. higher profit expectations among owners of firms in the industry, triggered by increased prices d. normal profits witnessed by individuals outside the industry that trigger entry e. the decreases in average cost that can be obtained through economies of scale
If suppliers of garbage collection services charged the full costs of providing the service, the supply curve would
a. change to a positive slope. b. change to a negative slope. c. shift to the left. d. shift to the right.