In an ideal labor market, wages would adjust to balance the quantity of labor supplied and the quantity of labor demanded, ensuring that all workers are always fully employed
a. True
b. False
Indicate whether the statement is true or false
True
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If Sam does not have a job and is NOT currently looking for work but has looked in the past, he is considered
A) unemployed. B) not in the labor force. C) unemployed and in the labor force. D) unemployed and not in the labor force.
The distribution of income in the United States has grown substantially more unequal since about
A. 1970 B. 1980 C. 1990 D. 2000
For most students, the earnings they give up to attend college are
a. a minor cost when compared to the costs of tuition, room and board, and the like. b. the single largest cost of their education. c. about equal to the costs of room and board at college. d. not considered true costs by an economist.
Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.