Jai Li just lost her job, and she has not yet started looking for a new one. The Bureau of Labor Statistics counts Jai Li as
a. unemployed and in the labor force.
b. unemployed but not in the labor force.
c. in the labor force but not unemployed.
d. neither in the labor force nor unemployed.
d
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If the price of Pepsi increases, then there will be ___ of Pepsi.
a. An increase in the quantity demanded b. a decrease in the quantity demanded c. a decrease in the demand d. an increase in the demand
Suppose the economy's production function is Y = AK0.3N0.7. When K = 1000, N = 50, and A = 15, what is Y?
A) 1842 B) 6106 C) 750,000 D) 123
When the production possibilities curve has shifted outward, what has happened?
a. Efficiency has dropped significantly. b. Workers are being underutilized. c. Scarcity has increased. d. Factors of production have changed.
Which is better for making comparisons over time, nominal GDP or real GDP, and why?
What will be an ideal response?