Persons who do not have jobs and who do not look for work are considered:
a. unemployed
b. out of the labor force.
c. underemployed.
d. overemployed.
b
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Historically, firms charged with monopolizing their markets often successfully argue in court that
a. a high price is not necessarily harmful to the economy b. too much competition is cutthroat c. the relevant market should be more broadly defined d. the government has no right to interfere in markets e. their good's cross elasticity of demand is negative
If the minimum wage law sets a price floor that is below the equilibrium wage in the unskilled labor market, the minimum wage will create a shortage of unskilled labor
Indicate whether the statement is true or false
Fiat money is generally issued by
A) private banks. B) central banks. C) brokerage firms. D) major multinational corporations.
If government decides to produce a collective consumption good, taxes have to be levied to finance the production. In evaluating government provision then, the benefits of public production have to be _____
a. high b. weighed against the excess burden of taxation c. positive d. weighted against the tax incidence on poor families