Who from among the following would be counted as unemployed?
A. A person who is willing to work but has not looked for a job in two months.
B. A person with a part-time job who wants and is looking for a full-time job.
C. A person who is willing to work and has looked for a job in the last week.
D. All of these people would be counted as unemployed.
Answer: C
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Some observers assert that oligopolies are less socially desirable than pure monopolies because
A) monopolies are often government-regulated, whereas collusion among oligopolies may lead to similar results as a monopoly yet, having several firms, may give the illusion of competition.
B) monopolies have unique products, whereas product differentiation in oligopolies would lead to economic inefficiencies.
C) mutual interdependence among firms in an oligopoly would lead to more inefficiencies than in the case of a monopoly.
D) oligopolies tend to engage in advertising more so than monopolies.
Which of the following is an example of a good whose price goes down because of improvements in technology?
a) computer printers b) running shoes c) hard-bound books d) typewriters
It is generally true that elected officials find it easier to:
A. raise taxes and cut government spending. B. cut government spending. C. cut taxes. D. raise both taxes and government spending.
If price decreases by 10 percent and quantity demanded increases by 2 percent, the price elasticity of demand will be
A. 5. B. 20. C. 2. D. 0.2.