When referring to "marginal" changes, the economic focus is on
A) changes which affect only a few people or products.
B) large changes on the low end.
C) small or incremental changes.
D) graduated changes on the high end.
C
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New college graduates still looking for their first jobs would be classified in the BLS data as
A. not yet in the labor force. B. part of structural unemployment. C. frictionally unemployed. D. cyclically unemployed.
Draw a scatter diagram of the interest rate and the unemployment rate. Describe the relationship
What will be an ideal response?
Classical economists used efficiency wage models to support their belief in a self-regulating economy
Indicate whether the statement is true or false
Which of the following decisions is the best example of a business engaging in marginal thinking?
a. choosing whether or not to manufacture an entirely new product line b. deciding to discontinue using newspaper advertising completely c. evaluating whether it would increase profits to add a second shift at their factory d. identifying the opportunity that will be lost when a certain action is taken