Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, they are classified as
structurally unemployed
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Ashley recently got a 15 percent raise. She now purchases 7.5 percent more coffee. Ashley's income elasticity for coffee is
a. 0.5. b. 0.75. c. 1.5 d. 2.
In an economy with a population of 100 million persons, 40 million hold civilian jobs and 9 million are not working but are looking for a job. The number of persons in the civilian labor force is
A. 51 million. B. 60 million. C. 91 million. D. 49 million..
Sources of market failure include
A. public goods. B. external costs. C. external benefits. D. All of the above are correct.
The effect of an increase in the government budget deficit on the equilibrium level of GDP is essentially the same as a(n):
A. Decrease in saving B. Increase in saving C. Decrease in consumption D. Decrease in investment