Which of the following individuals would be considered unemployed by the official government definition?
a. George, a mathematician, who returned to graduate school after failing to find a job the last four months
b. Gwen, a medical student, who is still in college and is not working
c. Morgan, who is employed part-time but desires a full-time job
d. Ralph, an auto worker who was laid off at a General Motors plant and is looking for another job
d. Ralph, an auto worker who was laid off at a General Motors plant and is looking for another job
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Refer to Scenario 16.1. Initially Sam and Sally are allocated 10 cheese doodles and 10 pretzels each. Which of the following statements are TRUE?
A) The initial allocation is Pareto optimal as it is equitable. B) The initial allocation is Pareto optimal as Sally and Sam have equal amounts of both goods. C) The allocation is not Pareto optimal. An allocation that gave Sam all of the cheese doodles and Sally all of the pretzels would make both of them better off. D) The allocation is not Pareto optimal. An allocation that gave Sam four of the cheese doodles and sixteen of the pretzels (leaving Sally the rest) would make both of them better off.
If there's an increase in the future marginal product of capital in a large open economy, it causes the current account to ________ and saving to ________.
A. rise; rise B. fall; remain unchanged C. fall; rise D. rise; remain unchanged
If the demand for mushrooms increases while the supply remains unchanged, this will result in
A. a shortage of mushrooms as the market price remains unchanged. B. an increase in the quantity of mushrooms sold and an increase in their price. C. an increase in the quantity of mushrooms sold but no change in price. D. a decrease in the quantity of mushrooms sold and an increase in their price.
Agricultural subsidies are generally
A. popular with politicians and unpopular with economists. B. popular with economists and unpopular with politicians. C. popular with politicians and economists. D. unpopular with politicians and economists.