What is a "marginally attached worker"?
What will be an ideal response?
A marginally attached worker is a person without a job, who is available and willing to work, but who has stopped looking in the recent past. One type of marginally attached worker is a discouraged worker. Essentially, a discouraged worker is someone who wants a job but has grown so "discouraged" about finding one, he or she has stopped looking.
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What are the conditions that characterize the sellers' side in a perfectly competitive market?
What will be an ideal response?
The term utility refers to the:
a. usefulness of a good in relation to its scarcity. b. necessity of a good. c. price of a good. d. number of goods a consumer has. e. pleasure or satisfaction a consumer receives upon consuming a good.
Firms that employ exceptionally productive resources
A. have lower costs than other firms in the industry and are able to earn positive economic profit in the long run. B. earn zero economic profit. C. will typically have to pay the exceptional resource economic rent equal to the reduction in cost due to employing the exceptionally productive resource. D. both a and b E. both b and c
"The global financial crisis has had a considerable impact on China's export growth, which will continue to show weakness with recession in the US and Europe," said a report by JP Morgan & Co. If Chinese exports continue to decline, the AE curve will shift __________, the price level will __________ in the short run and real GDP will __________ in the short run.
a) upward; decrease; decrease b) downward; decrease; decrease c) upward; decrease; not change d) downward; decrease; not change