When you graduate from college, you may not immediately jump into a job but wait a few months "sampling" the possibilities. During this time, you may be forced to live with your parents and play by their rules. When the BLS comes by to inquire about your working status and you tell them your story, the BLS will record you as being
a. in the labor force but structurally unemployed
b. spoiled and lazy
c. frictionally unemployed
d. not part of the labor force because you're not really looking for a job
e. not in the labor force because you are categorized as belonging to a set of people who are of military age and not working
C
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When aggregate demand meets aggregate supply in the horizontal portion of the aggregate supply curve,
A) a decrease in demand will cause prices to rise but no change in output. B) a decrease in demand will cause output to rise but no change in prices. C) a decrease in demand will cause prices to fall but no change in output. D) a decrease in demand will cause output to fall but no change in prices.
If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is
a. 0.5 b. 0.25 c. 1 d. 3 e. 2