Which of the following groups could increase in size and cause a significantly higher unemployment rate?
A. Discouraged workers.
B. Underemployed workers.
C. Children under the age of 16.
D. Phantom unemployed.
Answer: D
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The aggregate supply curve slopes
A. downward because firms can sell more at lower prices. B. downward because firms can hire more workers at lower prices. C. upward because firms want to hire more workers at higher wage levels. D. upward because firms can hire workers at fixed wages for short-run periods.
The income elasticity of demand for food
A) does not change when an individual's income changes. B) increases as an individual's income increases. C) decreases as an individual's income increases. D) is negative.
Between 1900 and 2007, the ratio of actual to natural real GDP hit its low point in
A) 1933. B) 1904. C) 1944. D) 1982.
Commodity egalitarianism refers to commodities that
A. are important for most consumers. B. are too dangerous for most consumers. C. should be made available to all consumers. D. are good ideas but never produced.