Due to the subjective nature of the questions that would be needed to determine if someone is underemployed or a discouraged worker, adjusting the unemployment rate to accurately reflect these situations
A) is very easy to do.
B) is somewhat difficult.
C) is impossible.
D) Since so few people are actually underemployed or discouraged workers, adjusting the unemployment rate to reflect these situations is considered an unnecessary waste of time.
C
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Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts less than the demand curve. As a result
A) both the equilibrium price and quantity of MP3 players will decrease. B) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease. C) both the equilibrium price and quantity of MP3 players will increase. D) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease.
When output is below its full-employment level, the short-run aggregate supply will shift down and to the right because
A) the expected price level will be below the actual price level. B) workers' wages will decline. C) prices of nonlabor inputs will rise. D) workers' wages will rise.
Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy of making a cake?
A. 1 pie. B. 1.33 pies. C. 1.5 pies. D. 2/3 of a pie.
Liquidity is:
A. sufficient liabilities to cover long-run assets. B. having assets that can be readily converted into cash. C. having liabilities that can be readily converted into cash. D. sufficient assets to cover long-run liabilities.