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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What is producer surplus? How is it measured?
What will be an ideal response?
It is difficult to formulate the appropriate government policy to guarantee full employment and price level stability
Indicate whether the statement is true or false
If profit-seeking major oil companies began to use current profits from the oil business to buy department stores and hotel chains, economic analysis suggests that
a. oil company profits were high relative to other possible investment opportunities. b. oil company executives thought profits from investment outside the oil industry would be lower than oil-industry investments. c. oil company executives must believe these other investments will be more profitable than investments in the oil industry. d. the government would be justified in subsidizing oil companies on grounds of economic efficiency.
For a perfect competitor, the marginal revenue curve will be
A) horizontal. B) vertical. C) positively sloped. D) negatively sloped.