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How does the BLS classify people who are "not in the labor force," and what people are often in this category?
If an individual surveyed (that is, who is age 16 or over and not institutionalized) is neither employed or unemployed, that individual is measured "not in the labor force" according to the BLS. Often people in this category are in school, retired, disabled, or taking care of people in their households and communaities.
What?
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why we study micro econmics?
Find the market-clearing price and quantity of burritos.
Marvelous Marvin spends his money on muffins (m) and a composite good (c) (whose price you may assume is $1 throughout this problem). Marvin's utility is U = m + c and his income (
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
Critique on Earmarking Studying the working of earmarking in many OECD (organisation of economic cooperation and development) countries, Potter and Diamond (1999) pointed out
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