Sarah is a full-time student who is not looking for work. What kind of unemployment is Sarah experiencing?
A) frictional
B) cyclical
C) structural
D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force.
D
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Why do governments in less-developed nations impose tariffs?
A) The nation's total income will be increased. B) The government gains revenue from the tariff. C) The government diversifies its economy. D) The national security of the country definitely is improved. E) The government's low-paid workers are protected from high-paid foreign workers.
Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:
A) demand is elastic in the price range. B) demand is inelastic in the price range. C) the demand curve is horizontal in the price range. D) the demand curve is upward sloping in the price range.