Discouraged workers are included in the
a. labor force category.
b. unemployed category.
c. not in the labor force category.
d. employed category.
c
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Fill in the blank: Wealth, in the economic way of thinking, is ________
A) whatever people value B) owned financial assets C) impossible to study scientifically D) indefinable E) any material thing
Refer to Figure 5-3. In the absence of any government intervention, the private market
A) underproduces by Qo - Qm units. B) underproduces by Qn - Qm units. C) overproduces by Qn - Qm units. D) overproduces by Qo - Qm units.
Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:
A) an increase in price and quantity. B) a decrease in price and an increase in quantity. C) a decrease in both price and quantity. D) an increase in price and a decrease in quantity.
If firms in a monopolistically competitive industry are operating with economic losses, over time we would see
A. some firms exiting the industry, causing the market supply curve to shift to the left, raising price. B. some firms exiting the industry, causing the demand curves of the remaining firms to shift to the right. C. firms alter their advertising rates until they made at least normal profits. D. the firms working together to increase price and everyone's profitability.