Jai Li just lost her job, and she hasn't yet started looking for a new one. The Bureau of Labor Statistics counts Jai Li as
A) unemployed and in the labor force
B) unemployed, but not in the labor force
C) in the labor force, but not unemployed
D) neither in the labor force nor unemployed
Answer: D) neither in the labor force nor unemployed
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Open-hearth technology quickly replaced the Bessemer converter in the steel industry. This is an example of Schumpeter's creative destruction process
Indicate whether the statement is true or false
If the nominal interest rate is 3% and the inflation rate is 6%, the real interest rate is
a. 2% b. 3% c. -3% d. 9%
What is defined as the ability of a firm to earn high profits by raising and keeping the prices of its products substantially above the levels at which those products would be priced in competitive markets?
a. Economies of scope b. Tacit collusion c. Monopoly power d. Perfect competition
Import duties ranging from 28 percent to 113 percent on Chinese frozen and canned shrimp are an example of a policy that:
A. protects domestic producers from foreign producers. B. uses regulations and taxes to protect domestic consumers. C. protects domestic fisheries from overfishing. D. protects domestic consumers from foreign producers.