Identify which of the following people would be considered either employed, unemployed, or not in the labor force:
a. Alejandro just lost his job at an automobile assembly plant and is looking for work in another industry.
b. Bonnie quit her job 6 months ago to take care of her newborn triplets.
c. Cheyenne just received her bachelor's degree in accounting and is going to backpack through Europe for 6 months before seeking employment as an auditor.
d. Danitra owns a talent agency which provides clowns for children's birthday parties.
e. Edgar is a full-time student and is working 10 hours each week as a lab assistant at Faber College.
f. Flavio was awarded a $10 million settlement from his former employer and has chosen to retire.
a. Alejandro is unemployed, since he does not have a job but is actively looking for work.
b. Bonnie is not in the labor force since she is not employed and is not seeking employment.
c. Cheyenne is not in the labor force since she is not employed and is not planning on seeking employment for more than 4 weeks.
d. Danitra is employed.
e. Edgar is considered employed since he does have a part-time job.
f. Flavio is not in the labor force since he has chosen to retire and not actively seek employment.
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If a third-degree price-discriminating pure monopoly sells the same product in two markets but charges a higher price in market X and a lower price in market Y, the pricing difference indicates that demand is ________.
A. relatively more elastic in market X than market Y B. the same in both market X and Y C. relatively less elastic in market Y than market X D. relatively less elastic in market X than market Y
Firm A and Firm B produce the same goods but with different inputs. If the inputs used by firm A are more easily available than the inputs used by firm B, then which of the following statements is true?
A) The elasticity of supply of firm A and firm B will be equal. B) The elasticity of supply of firm A will be higher than the elasticity of supply of firm B. C) The elasticity of supply of firm A will be lower than the elasticity of supply of firm B. D) The elasticity of supply of firm A and firm B cannot be compared without information on price change.
Today, the full-employment unemployment rate in the United States is generally agreed to be
a. 2 to 3 percent. b. 3 to 4 percent. c. 4 to 5 percent. d. 5 to 6 percent.
Which of the following would most likely increase the price of automobiles?
a. a decrease in the price of steel used to produce automobiles b. an increase in the price of gasoline c. a decrease in consumer income d. the United Auto Workers union obtaining a substantial wage increase for auto workers