Refer to the below information. Which individual is frictionally unemployed?
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.
1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month, but still has not gotten a job offer.
2. George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.
3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills.
4. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking for work.
A. Mollie
B. George
C. Jeanette
D. Ricardo
A. Mollie
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The amount by which consumption increases when disposable income increases by $1 is called:
A. the consumption function. B. autonomous expenditure. C. an automatic stabilizer. D. the marginal propensity to consume.
When Ford hires Ernst and Young Consulting to help Ford redesign its marketing, Ford's payment to Ernst and Young is classified as
A) an explicit cost. B) depreciation. C) an implicit cost. D) normal profit. E) economic profit.
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a ten cent specific tax on the good sold by the firm will cause the firm to
A) demand less labor. B) demand more labor. C) offer its workers only $4.90 per hour. D) hire 0 units of labor per hour.
If unemployment is below its natural rate, what happens to move the economy to long-run equilibrium?
a. Inflation expectations rise which shifts the short-run Phillips curve to the right. b. Inflation expectations rise which shifts the short-run Phillips curve to the left. c. Inflation expectations fall which shifts the short-run Phillips curve to the right. d. Inflation expectations fall which shifts the short-run Phillips curve to the left.