Jim Smith would like to work, but has not looked for work in the past four weeks because he does not believe any jobs are available. In the official employment statistics, Jim is classified as:

A. underemployed.
B. unemployed.
C. employed.
D. out of the labor force.

Answer: D

Economics

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Under monopsony, marginal factor cost is

A) equal to the wage rate. B) below the wage rate but increases as more workers are hired. C) greater than the wage rate. D) downward sloping.

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Normative economic statements refer to what should be

a. True b. False

Economics