Refer to the above information. Which individual(s) would be included in the calculation of the natural unemployment rate?
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.
1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month, but still has not gotten a job offer.
2. George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.
3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills.
4. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking forwork.
A. Mollie only
B. George only
C. Mollie and Jeanette
D. George and Ricardo
C. Mollie and Jeanette
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Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
If insurance companies knew how risk-averse their customers were:
A. adverse selection would not occur. B. diversification would not occur. C. policies would be perfectly diversified, resulting in lower premiums for everyone. D. risk pooling would not occur.
The factors of production include all goods and services produced in an economy
a. True b. False Indicate whether the statement is true or false
What is meant by an economy's self correcting mechanism? Explain the process through which self correcting mechanism reduces inflationary gap