Explain the differences in people who are classified as unemployed, underemployed, and discouraged workers. Are these people included in the labor force?
What will be an ideal response?
People who are classified as unemployed do not have a job but are currently available to work and are actively looking for a job. These people are included in the labor force.
People who are classified as underemployed have a job for which they are overqualified. Since these people are working, they are a part of the labor force.
People who are classified as discouraged workers have given up actively looking for work after an extended period of unemployment and are no longer included in the labor force.
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The above figure shows supply and demand curves for milk. If the government passes a law that establishes $3 per month as the legal minimum per gallon price, change in producer surplus will be
A) b + c + d. B) b - f - g. C) c + d + g. D) b - g.
If investment spending increases due to increased optimism in the business sector, which of the following would occur?
a. an increase in GDP, an increase in the price level, an increase in money demand, and an increase in the interest rate b. an increase in GDP, a decrease in the price level, an increase in money demand, and a decrease in the interest rate c. a decrease in GDP, a decrease in the price level, a decrease in money demand, and a decrease in the interest rate d. a decrease in GDP, a decrease in the price level, an increase in money demand, and an increase in the interest rate e. an increase in GDP, an increase in the price level, a decrease in money demand, and a decrease in the interest rate