Someone who is underemployed is someone who:
A. is working part-time, but wants full-time employment.
B. is working in a job for which he is overqualified.
C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use.
D. All of these describe someone who is underemployed.
D. All of these describe someone who is underemployed.
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When income increases from $30,000 a year to $40,000 a year, the quantity demanded of weekend vacations by Sara increases from 2 a year to 5 a year
For Sara, the income elasticity of demand of weekend vacations is ________ and weekend vacations are ________ good. A) 3; a normal B) 4.5 a normal C) 1/3; an inferior D) -4.5; an inferior E) 1/3; a normal
When external benefits are present,
A) competitive markets are efficient. B) competitive markets are inefficient. C) a tax is required to eliminate the inefficiency. D) property rights have already been established.
The money demand curve will shift to the right if:
A. ATM machines are introduced. B. the price level decreases. C. real income increases. D. the nominal interest rate increases.
Steve raises bees to pollinate his orange trees. One of the bees just stung him. This is a(n)
A) private cost. B) social cost. C) opportunity cost. D) common property.