A person who is out of work, available for work, but not seeking work is
a. counted as unemployed.
b. part of the labor force.
c. a discouraged worker.
d. a fictionally unemployed person.
c. a discouraged worker.
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One of the common arguments against "sweatshops" in developing countries is that wages that the workers are being paid are too low. Commentators often use dollar comparisons to show that, compared to U.S
standards, "sweatshop" workers are paid unfairly low wages. Use what you have read about the supply of labor to examine this argument.
The Social Security System
A) pays benefits to people which are directly related to how much they contributed during working years. B) collects money from an individual and uses the accrued interest on those funds to pay the person's retirement benefits. C) is based on a "pay-as-you-go" principle. D) All of the above.
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
A. increase in the supply of the good. B. increase in the demand for the good. C. decrease in the demand for the good. D. decrease in the supply of the good.
The ability of one person or nation to produce a good at a lower opportunity cost than another is called a(n):
A. market advantage. B. comparative advantage. C. absolute advantage. D. specialization advantage.