Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?
A. relative poverty
B. absolute poverty
C. both absolute and relative poverty
D. Neither absolute nor relative poverty can be eliminated.
Answer: A
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The effect of _____ is to produce an unemployment rate that understates actual unemployment
a. the underground economy b. discouraged workers and underemployment c. the growth in real GDP d. institutionalized and retired labor force e. seasonally unemployed workers
Discuss the various components of wealth
What will be an ideal response?
At the full-employment equilibrium in the labor market
A) there is no unemployment. B) there are no job vacancies. C) there is neither a shortage nor a surplus of labor. D) the money wage rate equals the real wage rate.
One reason that helps to explain the law of supply is the law of
A) diminishing marginal utility. B) diminishing marginal returns. C) decreasing opportunity costs. D) demand.