How would the Bureau of Labor Statistics classify a person who is not working and refuses an offer of employment in order to keep looking for a better job?
What will be an ideal response?
Unemployed
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Out of approximately 150 million workers in the U.S. economy, what percentage of the total are paid the minimum wage?
a. Less than 2% b. Approximately 5% c. Approximately 8% d. More than 10%
When economists hold factors other than the one they are analyzing constant, they are demonstrating the principle of
a. circular flow analysis b. consumer sovereignty c. ceteris paribus d. normative economics e. scarcity modification
Both country 1 and country 2 are located on their respective production possibilities frontiers (PPFs) for consumer goods and capital goods, but country 1 produces twice the output of both types of goods compared to country 2. It follows that
What will be an ideal response?
If the long-run aggregate supply curve is vertical, factors that shift the aggregate demand curve to the left will increase the price level.
Answer the following statement true (T) or false (F)