Teenage unemployment is substantially higher than unemployment among prime-age workers because teenagers
a. are more likely to switch jobs and move into and out of the labor force.
b. are less likely to be in the labor force than are older workers since many teenagers are still in school.
c. are more likely to be in the armed forces, therefore, they're counted as unemployed.
d. generally think they can find jobs that are available only to experienced, highly skilled workers if they just search diligently enough.
A
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An unexpected exogenous event which has a significant impact on an important sector of the economy or on the economy as a whole is called a(n)
A) macroeconomic shock. B) countercyclical fluctuation. C) downward economic spiral. D) autonomous destabilizer.
The greater the availability of close substitutes for a product, the greater the price elasticity of demand for that product
a. True b. False
For which of the following products would price discrimination be easiest?
a. orange juice b. diamonds c. compact disks d. haircuts e. gasoline
How do constraints affect our choices?