What is the definition of a discouraged worker?
A. a person who has dropped out of the labor force because he is discouraged about his prospects for employment
B. an employed member of the labor force who is discouraged about his pay
C. a member of the labor force who is working but is discouraged about his prospects for advancement within the company
D. a member of the labor force who is working but is discouraged about the performance of his company within the industry
Answer: A
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Diminishing marginal product first sets in at the minimum point of the
a. ATC curve. b. AVC curve. c. AFC curve. d. MC curve.
In a partnership form of business
a. all, except one partner, are subject to limited liability b. the business must operate in at least two countries c. at least two different products must be produced d. the partner who owns the majority of stock makes all of the important managerial decisions e. profits are shared by the partners
The share of GDP taken by taxes has increased dramatically since the 1960s
a. True b. False Indicate whether the statement is true or false
Which of the following statements about real and nominal interest rates is correct?
a. When the nominal interest rate is rising, the real interest rate is necessarily rising; when the nominal interest rate is falling, the real interest rate is necessarily falling. b. If the nominal interest rate is 4 percent and the inflation rate is 3 percent, then the real interest rate is 7 percent. c. An increase in the real interest rate is necessarily accompanied by either an increase in the nominal interest rate, an increase in the inflation rate, or both. d. When the inflation rate is positive, the nominal interest rate is necessarily greater than the real interest rate.