Individuals who would like a full-time job but are working only part-time are known as
a. partially unemployed.
b. involuntary part-time workers.
c. freelancers.
d. flexible workers.
e. temporary labor force.
D
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Refer to Figure 23-1. If the economy is at point J, what will happen?
A) Inventories have fallen below their desired level, and firms increase production. B) Inventories have risen above their desired level, and firms increase production. C) Inventories have risen above their desired level, and firms decrease production. D) Inventories have fallen below their desired level, and firms decrease production.
Two goods are Hicks (net) substitutes if a rise in the price of one causes a(n):
a. decline in the quantity demanded of the other holding nominal income constant. b. increase in the quantity demanded of the other holding nominal income constant. c. decline in the quantity demanded of the other holding utility constant. d. increase in the quantity demanded of the other holding utility constant.