Matt Is a College Graduate Who Majored in Creative Writing

question 63

Multiple Choice

Matt is a college graduate who majored in creative writing and currently works at a local bookstore as a sales clerk. The best way to describe Matt is to say he is:

• A) unemployed.
• B) a discouraged worker.
• C) underemployed.
• D) overemployed.

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Definitions:

Wage Rate

The fixed amount of money or compensation paid to an employee by an employer in return for work performed.

Capital

Refers to wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.

Fixed Proportions

A production process where inputs are used in strict, unchangeable ratios, without the flexibility to substitute one input for another.

Elasticity Coefficient

A numerical measure of the responsiveness of quantity demanded or supplied to one of its determinants, such as price or income.