Whom does the Bureau of Labor Statistics include in the discouraged workers group?
a. All those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment.
b. Civilian labor force members who have chosen early retirement because they dislike their work or think the pay is too low.
c. Members of the noninstitutional population who say they want to be employed but aren't searching for a job.
d. Members of the civilian labor force who are looking for a job but cannot find one.
e. Anyone in the population who is not working.
c
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Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries?
A. Sheila B. Sheila and Jim C. Jim D. Neither of them
Human wealth is a function (i.e., affected by changes in) of which of the following variables?
A) future expected income B) future expected taxes C) current interest rates D) all of the above E) none of the above
Those who believe that wages adjust quickly to clear the labor market also believe that
A. the AS curve is upward sloping. B. the AD curve is flat. C. the AD curve is steep. D. the AS curve is vertical.
Which of the following is most likely to be a natural monopoly?
A. Aircraft manufacturing B. Auto manufacturing C. Electric utilities D. Steel production