A 30-year-old stay-at-home son tells his parent he is looking for work but cannot find a job. When the parent finds the son a job, he refuses to take it. The 30-year-old can best be classified as
A. Underemployed.
B. Phantom unemployed.
C. Structurally unemployed.
D. A discouraged worker.
Answer: B
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The process by which banks screen potential applicants by eliminating bad risks and to obtain a pool of creditworthy borrowers is called:
A) gap analysis B) duration analysis C) credit-risk analysis D) liquidity analysis
The representative consumer's discount factor B
A. equals the share of production going to labor B. is a parameter capturing how patient the consumer is C. is a choice parameter controlling consuming versus saving D. is the reduction in price from a competitive factor market
New classical economists differ from traditional classical economists because new classical economists
A. Believe people's rational expectations will lead them to offset government policy. B. Focus on budget restraint and the use of monetary policy when the economy overheats. C. Believe that economic failures are inherent in a capitalist economy. D. Believe tax cuts and government spending should be used to increase demand and output.
GDP measures underestimate the value of output produced by an economy because they include services not transferred through markets
Indicate whether the statement is true or false