Xavier is on layoff from his assembly-line job in Detroit, and he expects to return in about four weeks. During this time, he is vacationing in Florida. The Bureau of Labor Statistics would classify Xavier as
a. employed.
b. unemployed.
c. not part of the labor force.
d. a temporary retiree.
B
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People acting in their own self interest is the basis of the
A) principle of voluntary exchange. B) principle of scarcity. C) real-nominal principle. D) principle of supply and demand.
Coal-fired steam locomotives become more efficient for railroads relative to oil-burning diesel locomotives as
A) the price of coal increases. B) the price of oil increases. C) coal-fired steam locomotives become larger. D) railroad freight rates increase.
When the short-run aggregate supply curve is steep, then for a given increase in aggregate demand: a. the increase in real GDP will be relatively small and the increase in the price level will be relatively large. b. the increase in real GDP will be relatively large and the increase in the price level will be relatively small. c. the increase in both real GDP and the price level will be large
d. the increase in both real GDP and the price level will be small. e. the decrease in real GDP will be larger than the decrease in the price level.
It is illegal in the United States for firms to pay different employees different wages for doing the same job
a. True b. False Indicate whether the statement is true or false