Why did the unemployment rate drop from the early 1980s to 2000?
a. More adults than average dropped out of the labor force because they were discouraged.
b. People became more productive and more workers were hired.
c. The demographics of the labor force changed significantly during this period.
d. The U.S. economy generated an additional 35 million jobs as it was growing.
d
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Mallory Trammell is a homemaker. Last week, she was busy with her normal household chores. She is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
An individual who is suffering from money illusion is more concerned with
A. relative prices than with real prices. B. relative prices than with nominal prices. C. nominal prices than with relative prices. D. real prices than with nominal prices.
When demand is unit elastic, a 7 percent change in the price of the good
A. will cause a change in quantity demanded greater than 7 percent. B. will not cause any change in quantity demanded. C. will cause a change in quantity demanded equal to 7 percent. D. will cause a change in quantity demanded of less than 7 percent.
Which of the following is not an example of an externality?
A. Your employer requires all staff to wash their hands before serving lunch to guests. B. You bring in trash cans from the curb rather than leaving them for your neighbors to see all week. C. Your college roommate plays Call of Duty in the living room keeping you up the night of an exam. D. You live alone and left a mess of dishes from lunch.