Indicate whether each of the following would be classified as employed, unemployed, underemployed, and/or not a member of the labor force: (a) a 15-year old student; (b) a convicted felon serving time in a federal prison; (c) a college student with a part-time job who is not interested in a full-time job; (d) a full-time homemaker who is not seeking work outside the home; (e) a worker temporarily away from the job due to illness; (f) a person with a law degree who is driving a taxi for a living; (g) a part-time worker seeking full-time work; (h) a discouraged worker who has discontinued his or her job search.
What will be an ideal response?
(a) not a member of the labor force; (b) not a member of the labor force; (c) employed; (d) not a member of the labor force; (e) employed; (f) employed and underemployed; (g) employed and underemployed; (h) not a member of the labor force.
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Someone who values a lottery at less than the expected value is
a. a risk lover b. risk neutral c. risk averse d. one who tends to play lots of lotteries
A firm that is maximizing its profits will keep renting machines up to the point where:
a. the marginal productivity of a capital is maximized. b. the marginal value product of machines is maximized. c. the marginal value product of machines is equal to the market rental rate for machines. d. the machine's market rental rate is minimized.
Banking began in
A. biblical times. B. medieval times. C. the 19th century. D. the 20th century.
Tariffs and quotas are costly to consumers because:
A. The price of the imported good falls B. The supply of the imported good increases C. Import competition increases for domestic goods D. Consumers have to switch to higher-priced domestic goods