Someone who is underemployed is someone who:
A. is working in a job for which he is overqualified.
B. is working part-time, but wants full-time employment.
C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use.
D. All of these describe someone who is underemployed.
Answer: D
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In September 2014, the labor force participation rate fell from 62.8 percent to 62.7 percent. This change could have been caused by
A) unemployed workers giving up looking for a job. B) full-time workers becoming part-time workers. C) unemployed workers getting full-time jobs. D) discouraged workers starting to look for jobs again.
An action that is the best choice under all conditions is known as the
A) profit-maximizing strategy. B) prisoner's dilemma. C) tit-for-tat strategy. D) dominant strategy.
The improvement in outcomes that occurs when specialized producers exchange goods and services is called:
A. gains from trade. B. absolute advantage. C. comparative advantage. D. specialization.
For the United States, suppose the value of exported goods is greater than the value of imported goods. This implies that
A) the domestic currency will depreciate. B) the dollar price of foreign currency will increase. C) the country is running a deficit in its balance of trade. D) the country is running a surplus in its balance of trade.