Which of the following is considered a discouraged worker?
A. A professional football player who is forced to play a new position.
B. A professional football coach coming off a 0 win season.
C. A professional football player who gets cut after the preseason schedule has been completed.
D. A retired professional football player who tried to make a comeback but found no one was willing to give him a tryout, so he no longer looks for a job.
Answer: D
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Under a binding price ceiling, what does the change in consumer surplus represent?
A) The gain in surplus for those buyers who can still purchase the product at the lower price. B) The loss in surplus for those buyers who previously purchased some units of the good at the higher price, but these units are no longer produced at the lower price. C) The loss in surplus for those buyers who would like the purchase the excess demand created by the price ceiling policy. D) Both A and B are correct. E) Both A and C are correct.
Economists build economic models by
a. generating data.
b. conducting controlled experiments in a lab.
c. making assumptions.
d. reviewing statistical forecasts.
Related to the Economics in Practice on page 673: If the candle makers in the petition were able to gain protection for their industry, the French economy would most likely
A. become more efficient. B. benefit in the short run. C. have to pay higher prices for candles. D. benefit only if the protection was in the form of a tariff.
If the quantity of capital per worker in the economy increases
A) the amount of money held by workers increases. B) labor productivity increases. C) the stock of human capital necessarily increases. D) the stock of financial assets held by the public increases.