Answered: Oliver took a job at Walmart. He was…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Oliver took a job at Walmart. He was willing and able to work 40 hours. They are only using him for 30 hours. The economic term we use to label people or resources not used to full capacity is ____________________.

Expert Solution

Step 1

In the given scenario, Oliver is willing to work for 40 hours but the Walmart is using him for 30 hours which implies Walmart is not using the available resources fully. This implies Olivier's work is not fully utilized by Walmart. Thus, the difference of 10 hours (40-30) is not utilized implies that Olivier is underutilized. Therefore, economic term we use to label people or resources not used to full capacity is underutilized.

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