In recent decades, the union-nonunion hourly wage differential has
A) increased substantially.
B) increased slightly.
C) stayed the same.
D) fallen significantly.
D
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Rob is considered unemployed in the Current Population Survey if he
A) does not have a job and stopped looking for a job at least two months ago. B) is in his last term of college before he graduates. C) has looked for a job in the last four weeks but has not found a job. D) has a part-time job but would like a full-time job. E) has worked at least 1 hour but not more than 15 hours as a paid employee during the last week.
An increase in the price level ________ the aggregate quantity supplied and ________ the aggregate quantity demanded
A) increases; decreases B) does not change; decreases C) decreases; increases D) decreases; decreases E) increases; increases
In the figure above, Joe is producing at point A. Joe's opportunity cost of producing one shirt is
A) 5/3 of a pair of pants per shirt. B) 3/5 of a pair of pants per shirt. C) 5 pairs of pants per shirt. D) 2 pairs of pants per shirt.
On a consumer surplus graph, consumer surplus is represented by ______.
a. the area above the market demand curve and below the market price b. a sharp downward slope of the demand curve c. the area below the market demand curve and above the market price d. the point where the supply and demand curves intersect