Explain the differences in people who are classified as unemployed, underemployed, and discouraged workers. Are these people included in the labor force?
What will be an ideal response?
People who are classified as unemployed do not have a job but are currently available to work and are actively looking for a job. These people are included in the labor force.
People who are classified as underemployed have a job for which they are overqualified. Since these people are working, they are a part of the labor force.
People who are classified as discouraged workers have given up actively looking for work after an extended period of unemployment and are no longer included in the labor force.
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The law of demand implies, holding everything else constant, that as the price of gelato
A) increases, the demand for gelato will increase. B) decreases, the demand for gelato will increase. C) decreases, the quantity of gelato demanded will increase. D) increases, the quantity of gelato demanded will increase.
All of the following are true, except
a. Bubbles are prices that cannot be explained by normal economic forces b. Many economists don't think bubbles exist c. Many economists have a clear idea about how to model bubbles d. All of the above are true
To avoid subsidies, the government should cap the price for natural monopolies at their:
A. marginal cost. B. average total cost. C. average variable cost. D. fixed cost.
Inflation rates over the last 40 years have generally:
A. decreased around the world. B. increased around the world. C. unchanged for developing nations and decreased for developed nations. D. decreased for developing nations and increased for developed nations.