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The Secretary of Labor states that raising minimum wage rates to $15 an hour would lead to an increase in unemployment among unskilled labor, both now and in the future.  The head of a local labor union states that we should increase minimum wage because everyone deserves a fair and livable wage. The Secretary’s statement is a(n) ____ economic statement, and the labor head’s statement is a(n) ____ economic statement.

Jacqueline, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is

If the price of Ollivander’s wands rises 10 percent during a year when the level of average prices rises 3 percent, the relative price of wands compared with other goods

The largest component of GDP as measured by the expenditure approach is

Using the table above, calculate the Labor Force Participation Rate in Nellyville.     

If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a

During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called

As the dollar appreciates, which of the following is most likely to occur?

If the underground economy is sizable, then GDP will

A firm purchases $600,000 worth of raw materials and pays wages and salaries of $100,000 and dividends of $200,000. If the firm sells its output for $1 million, the firm’s value added to GDP is