After graduating from college, Yunis, age 22, started working for his parents' real estate business as an unpaid assistant. He works 25 hours a week helping manage rental units. In the Current Population Survey, Yunis is considered
A) part of the labor force and unemployed.
B) part of the labor force and employed.
C) not part of the labor force.
D) a discouraged worker.
E) part of the labor force but not part of the working-age population.
B
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How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?
What will be an ideal response?
What is the rate of return on a bond with a coupon of $38 payable in one year that was purchased for $950 and sold one year later for $931?
A) 2% B) 4% C) 6% D) 19%
Assume that a 3 percent increase in income across the economy produces a 1 percent decline in the quantity demanded of good X. The coefficient of income elasticity of demand for good X is:
A. negative and therefore X is an inferior good. B. negative and therefore X is a normal good. C. positive and therefore X is an inferior good. D. positive and therefore X is a normal good.
Competitive pricing is efficient because
A. the price that consumers pay reflects the opportunity cost to society of producing the good. B. firms make positive economic profits in long-run equilibrium. C. firms produce above the minimum efficient scale. D. average revenue equals average cost.