Leaving the labor force or finding a job are two ways that:
A. an unemployment spell can begin.
B. a person can become an involuntary part-time worker.
C. a person can become a discouraged worker.
D. an unemployment spell can end.
Answer: D
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If we were the only two people in the world and I like bananas while you hate them, efficiency demands that I get all bananas.
Answer the following statement true (T) or false (F)
All individuals and firms in a country must gain from trade in order for it to be beneficial to the nation
Indicate whether the statement is true or false
When OPEC reduces output to keep prices high, OPEC is acting as a:
A. producer moving along a supply curve, cutting output as price falls. B. producer in a contestable market. C. price taker. D. cartel.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.