The underground economy means that GDP will overstate the actual level of economic welfare
Indicate whether the statement is true or false
FALSE
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Which of the following groups of people will NOT be considered as employed?
A) Government representatives earning a fixed salary every month B) Housewives raising kids at home C) Paid workers in the agricultural sector of a country D) Teachers in public schools
The relationship between unemployment and inflation is
A) nonexistent. B) positive. C) negative. D) None of the above.
Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be
a. +1. b. ?1. c. 0. d. infinite.
Give an example that is not in the text of a good that has a change of demand, but not a change of supply. What effect does this change have on the good’s equilibrium price and quantity?
What will be an ideal response?