Octavia Does Not Currently Have a Job,but She Has Applied

question 153

Multiple Choice

Octavia does not currently have a job,but she has applied for several jobs in the previous week.Eve is an unpaid stay-at-home mom who has not searched for work in recent years.Who does the Bureau of Labor Statistics count as "out of the labor force"?

• A)Octavia but not Eve
• B)Eve but not Octavia
• C)both Octavia and Eve
• D)neither Octavia nor Eve

Recognize how actual price levels compared to expected price levels affect economic decisions and outcomes.

Understand the implications of expansionary and recessionary gaps in the short-run.

Explain the role of resource prices and costs of production in determining the slope of the short-run aggregate supply curve.

Analyze equilibrium conditions in the aggregate demand and aggregate supply model.

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Definitions:

Percent Increase

The percentage that represents the proportion of growth from the initial value to an increased amount.

Hourly Rate

The sum of money received for every hour worked.

Unit Price

The cost per single unit of an item or investment.

Percent Change

The measurement of the relative change of a quantity, expressed as a percentage, to denote increase or decrease from one period to another.