Which individual is out of the labor force?
a. Matthew is working 30 hours per week.
b. Sandra is without a job, is able to work, and is actively looking for work.
c. Ashley is working 6 hours per week.
d. John is without a job, is able to work, but is not actively looking for work.
Answer: d. John is without a job, is able to work, but is not actively looking for work.
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The circular flow model is used to show the
A) flow of renewable natural resources. B) expansions and contractions of economic activity. C) recycling process of production materials. D) flow of expenditures and incomes in the economy. E) flow of supply and the flow of demand.
Assuming that hamburger is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for hamburger. b. rightward shift in the demand curve for hamburger. c. downward movement along the demand curve for hamburger. d. leftward shift in the demand curve for hamburger.
When dealing with negative externalities, what is meant by the term "internalizing an externality"?
What will be an ideal response?
Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed,
A. there will be neither a surplus or shortage. B. there will be a surplus of 40 units. C. there will be a shortage of 20 units. D. there will be a shortage of 40 units.