If Tim works at home taking care of the household
A. he is considered to be employed.
B. he is not part of the labor force.
C. he is part of the labor force.
D. he is considered to be unemployed.
Answer: B
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If both supply and demand decrease, which of the following happens?
a. The equilibrium quantity increases. b. The equilibrium price and the equilibrium quantity increase. c. The equilibrium price and the equilibrium quantity decrease. d. The equilibrium price decreases and the equilibrium quantity is indeterminate. e. The equilibrium quantity decreases and the equilibrium price change is indeterminate.
In the 1970s, the Fed accommodated a(n)
a. adverse supply shock and so contributed to higher inflation. b. adverse supply shock and so contributed to lower inflation. c. favorable supply shock and so contributed to higher inflation. d. favorable supply shock and so contributed to lower inflation.
In the short run, when the prevailing market price falls below the average variable cost curve, a firm in perfect competition will shut down because:?
A. ?economic profit is zero. B. ?price is less than marginal revenue. C. ?marginal revenue is insufficient to pay average variable cost. D. ?other firms will enter the market seeking profits.
Which of the following is not true at the equilibrium rate of interest?
A. The quantity of money demanded is equal to the quantity of money supplied. B. There is a tendency for the money demand curve to shift to the right. C. People are willing to hold as much money as is currently supplied. D. There is no incentive for money owners to adjust their portfolios.