Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?
Most unemployed people in the economy are unemployed for relatively short periods of time, while fewer people are unemployed for relatively long periods of time. If you were to total the weeks spent unemployed, most of those weeks would be accounted for by people who had been unemployed a long time.
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Consider the market for bread. If the price of wheat rises, then the
A) demand curve for bread shifts leftward. B) supply curve of bread shifts leftward. C) price of bread falls. D) equilibrium quantity of bread increases. E) demand curve for bread shifts rightward.
"Household production" refers to
A) goods and services people produce for themselves. B) the manufacturing of durable household products. C) home-based craft businesses. D) the home building sector of the economy.