Fred Jaher reported to the government interviewer that he worked 40 hours last week as a stocker at a Target department store. He also said that he has a Ph.D. in history and had hoped to be a history professor. With all this information, we know that Fred is
a. a member of the labor force who is underemployed
b. a member of the labor force who is structurally unemployed
c. a member of the labor force who is frictionally unemployed
d. a discouraged worker who is not a member of the labor force
e. not a member of the labor force because he is not working at his capacity
A
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Microeconomic substitution is impossible for the economy as a whole because
a. money is a veil. b. real GDP measures the total quantity of goods and services produced by all firms in all markets. c. the prices of some goods and services adjust sluggishly in response to changing economic conditions. d. a lower price level increases real wealth, which stimulates spending by consumers and vice-versa.
Too many dollars chasing too few goods is a description of _____ inflation.
Fill in the blank(s) with the appropriate word(s).
Property owned by groups is called:
A. Shared property B. Public property C. Private property D. Common property
Suppose that the economy is at its long-run equilibrium and the government increases its purchases. Which will NOT occur as the economy moves back to its long-run equilibrium?