Unemployment statistics are often criticized for
A. overstating the number of people out of work, because retirees are included in the statistics.
B. understating the number people out of work, because full-time college students are excluded.
C. understating the number of people out of work, because discouraged workers are excluded in the statistics.
D. overstating the number of people out of work, because the unemployment statistics include all low-income workers.
Answer: C
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A worker is unemployed if he:
A) has been working part-time and has been actively looking for full-time work. B) does not have a job and is not actively looking for a job. C) is working from home and drawing a weekly salary. D) does not have a job and has been actively looking for one in the prior four weeks and is available for work.
Suppose a market begins in equilibrium. If supply increases, then at the original equilibrium price the quantity demanded is
A) is less than the quantity supplied and a surplus results. B) is less than the quantity supplied and a shortage results. C) exceeds the quantity supplied and a surplus results. D) exceeds the quantity supplied and a shortage results.
Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
a. The domestic price of automobiles would fall. b. The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise. c. The number of unemployed workers in the domestic automobile industry would rise. d. The demand for foreign-produced automobiles would increase, causing the price of automobiles to increase in other nations.
The supply curve illustrates that firms:
A. decrease the supply of a good when its price rises. B. increase the quantity supplied of a good when its price rises. C. increase the supply of a good when its price rises. D. decrease the quantity supplied of a good when input prices rise.