The label "discouraged worker" refers to a change of status from ________
A) employed to actively seeking employment
B) unemployed to employed
C) unemployed to not in the labor force
D) not in the labor force to unemployed
C
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Which of the following observations is true?
A. Free markets will achieve all of society’s goals. B. The ability to buy goods is divided equally among consumers. C. The market leads to efficiency in production through the profit motive. D. The market system encourages firms to use inputs wastefully.
Refer to Figure 1A.2. The slope of the curve
A) is positive. B) is negative. C) is zero. D) changes along the curve.
In general, large current account deficits have to be financed by:
A) capital outflows abroad. B) capital inflows from abroad. C) trade barriers. D) none of the above.
If price rises, what happens to supply of a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain--economic theory has no answer to this question.