The free-market system coordinates output decisions by pushing
a. up price when there is a shortage.
b. down price when quantity demanded exceeds quantity supplied.
c. up price when there is a surplus.
d. up price when quantity supplied exceeds quantity demanded.
a
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Which of the following would shift a nation's production possibilities frontier inward?
A) an increase in the unemployment rate B) producing more capital equipment C) a law requiring workers to retire at age 50 D) discovering a cheap way to convert sunshine into electricity
Brian Vargo, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is:
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.