An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed.
B. cyclically unemployed.
C. structurally unemployed.
D. employed.
Answer: D
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A firm's expansion path is
A) the firm's production function. B) a curve that makes the marginal product of the last unit of each input equal for each output. C) a curve that shows the least-cost combination of inputs needed to produce each level of output for given input prices. D) none of the above
By 2016, the unemployment rate in the US had fallen from a peak of 10% in 2009 to:
A. under 5%. B. 7.8%. C. 6.2%. D. under 3%.
A binding minimum wage tends to
a. cause a labor surplus. b. cause unemployment. c. have the greatest impact in the market for teenage labor. d. All of the above are correct.
Money is a unit of account because:
A. goods and assets are priced in terms of it. B. it is a store of value. C. barter would be impossible without it. D. it is liquid.