Which of the following people would be counted among the unemployed?
a. A new college graduate selling newspaper advertisements part time while looking for other work
b. A new college graduate selling newspaper advertisements full time while looking for other work
c. A new college graduate selling newspaper advertisements part time and not looking for other work
d. A new college graduate who gets tired of selling newspaper advertisements and takes off on a motorcycle trip to Alaska
e. A new college graduate not qualified for any of the jobs available in his small town
e
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Some economists argue that Okun's Law overstates the cost of cyclical unemployment because
A) the cost of retraining workers must be offset against the loss in output that occurs when workers are unemployed. B) if efficiency wages prevail, and workers are paid their real wage, already employed workers will reduce their effort, reducing output. C) it ignores the fact that leisure increases during a recession. D) it ignores the loss of government revenue and additional government expenditures that occur when unemployment rises.
Which type of unemployment contributes to the natural rate of unemployment?
A. Real-wage unemployment B. Cyclical unemployment C. Unemployment of government workers. D. All of these contribute to the natural rate.
In the long run the perfect competitor's firm's most efficient output
A. is identical to its most profitable output. B. is less than its most profitable output. C. is more than its most profitable output.
Figure 5.4In Figure 5.4, supply elasticity is infinite in graph:
A. A. B. B. C. C. D. D.