To be considered employed, a person must have
a. worked at least 1 hour during the previous week
b. searched at least 1 hour for a job during the previous week
c. worked at least 5 hours during the current week
d. worked at least 15 minutes during the previous month
e. earned at least the minimum wage for five or more hours of work per week
A
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The amount of time an individual is willing to offer for a wage depends on the
a. all of the following b. value of time devoted to leisure activities c. boredom, discomfort, and aggravation associated with work d. value of time devoted to nonmarket work e. satisfaction gained from goods purchased with the wages
The above table shows the daily production possibilities for a nation. According to the above table, the opportunity cost of each additional car in terms of televisions
A. is meaningless because the cost of cars cannot be expressed in terms of televisions. B. remains constant. C. falls as more cars are produced. D. increases as more cars are produced.
When an industry's demand curve for labor is derived from the individual firms' demand curves, what complication must be taken into account?
a. Adjustments in the amount of capital employed. b. The factor-price effect. c. Changes in the price of the firms' product. d. Monopsony power.
Which statement is true?
A. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade. B. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for protection. C. Dollars are used for all international transactions. D. None of these statements are true.