With 125 million people working, 8 million out of work and looking for work, and 147 million neither working nor looking for work, the "encouraged worker effect" would be illustrated by people in the
A. 147 million seeking but not attaining employment.
B. 8 million ending their search for work.
C. 125 million losing their jobs.
D. 147 million seeking and attaining employment.
Answer: A
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In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month
If the law is strictly enforced, the maximum for which an apartment will rent on the black market is A) less than $600 per month. B) $600 per month. C) $700 per month. D) more than $700 per month.
Strategic advertising in the cola market
A) significantly expands the size of the market. B) brings in few new customers and primarily shifts market share among rivals. C) shifts market demand to the right, increasing quantity sold and decreasing prices. D) has no impact on the market.
When demand is ____ a percentage change in ____ is exactly offset by the same percentage change in ____ demanded, the net result being a constant total consumer expenditure
a. elastic; price; quantity b. unit elastic; price; quantity c. inelastic; quantity; price d. inelastic; price; quantity e. none of the above
Person A argues that government is unnecessary and often does more harm than good. Economist A disagrees. What does economist A --- who believes that there is a legitimate case that can be made for government --- most likely say to support his position?
A) Government almost always does more good than harm. B) Without government, life would be anarchy. C) There are some things that individuals want done that can't get done without government. D) There are better people going into government work than are going into the private sector. E) none of the above