Sarah is a full-time student who is not looking for work. What kind of unemployment is Sarah experiencing?
A) frictional
B) cyclical
C) structural
D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force.
D
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Labor productivity equals ________
A) real GDP ÷ aggregate hours B) real GDP × aggregate hours C) aggregate hours ÷ real GDP D) aggregate hours × labor productivity E) aggregate hours ÷ labor productivity
Joe Doakes is running for reelection. Economic theory predicts he has a strong incentive to
A) heavily discount the value of all future costs of his policies. B) try to provide as many benefits to his constituents as possible prior to the next election day. C) do both A and B above. D) do none of the above.
Why do economists abstract, and is it appropriate?
If the price of a product falls too much, the producer can ________________the market.
Fill in the blank(s) with the appropriate word(s).