Individuals who have stopped looking for work because they are convinced that they will not find a job are considered
A. part of the labor force.
B. structurally unemployed.
C. underemployed.
D. discouraged workers.
Answer: D
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If demand is unit elastic, revenue
a. and price rise and fall together. b. rises as price falls. c. falls as price rises. d. remains constant as price rises or falls.
A dominant strategy:
A. is always the same for all players of a game. B. exists in every game. C. is the best one to follow no matter what strategy other players choose. D. awards the highest achievable payoff in a game.
Specialization in trade will be economically efficient if it is based upon
A. national security needs. B. comparative advantage. C. absolute advantage. D. government regulations.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
According to Moe's PPC, moving from a 70 to an 80 in economics:
A. is inefficient. B. has a higher opportunity cost than moving from an 80 to a 90. C. has a lower opportunity cost than moving from an 80 to a 90. D. is unattainable.