Kathryn chooses to go to college full-time rather than to work. Kathryn:
a. is not part of the labor force
b. is part of the labor force and what economists call a discouraged worker.
c. is part of the labor force, but not actively seeking work.
d. is considered employed.
a
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Refer to Figure 1A.1. Assume that the graph in this figure represents the demand and supply curves for walnuts. An advance in production technology which makes harvesting walnuts less time consuming would be represented by a shift from
A) Demand 1 to Demand 2. B) Demand 2 to Demand 1. C) Supply 1 to Supply 2. D) Supply 2 to Supply 1.
Spot market is to futures market as
A) rice is to beans. B) today is to tomorrow. C) squares are to circles. D) quarters are to dollars.
Cartels are
A. difficult to organize. B. difficult to preserve. C. especially unlikely to succeed if the members sell many varied products. D. All of the responses are correct.
By itself, an increase in the number of suppliers in a market results in a
A) rightward shift in the supply curve. B) leftward shift in the supply curve. C) movement down along the supply curve. D) Both answers A and C are correct.