Discouraged workers are defined as those:
a. whose productivity is low because working in dead-end jobs reduces their morale
b. who are counted as frictionally unemployed, having become dissatisfied with their previous jobs.
c. who are counted as structurally unemployed, lacking training for the skilled positions for which they are applying.
d. who have given up looking for a job and are not counted as unemployed.
d
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During droughts, cities often impose water use restrictions on consumers. Suppose a representative consumer has preferences for Water (W) and other goods (X) given by the utility function:
U(W,X) = WX. Suppose the price of other goods is $1 and the price of water is initially 50¢. The consumer has a budget of $50/week. a. How much water will the consumer purchase each week? b. Suppose the government imposes a quota on water use of 50 units/week. Show that the quota reduces the representative consumer's utility. c. By how much does the quota harm the representative consumer? Specifically, compute the equivalent variation of the quota.
Suppose a manager is deciding whether or not to purchase a piece of equipment to make an input internally and has completed the majority of the net present value (NPV) calculations. The manager has correctly calculated the NPV to be equal to: NPV = ($1.023 × Q) - $350,000, where Q is the annual quantity of the input the firm needs. If the firm needs 355,000 units of the input each year, the
manager ________ buy the equipment because the NPV is ________. A) should not; negative B) should; negative C) should not; positive D) should; positive
Savings accounts, certificates of deposit, and bonds pay interest and stocks pay dividends. Why does anyone hold on to currency or other forms of money and lose this extra income?
What will be an ideal response?
Which of the following is not one of the three principal components of a socialist economy?
A. Distribution is according to need B. Entrepreneurs are encouraged by the profit motive, rather than government directive, to satisfy consumer wants in the most efficient manner possible C. Government ownership of the means of production D. Workers directed by a government planning board as to where they will work and how much they will be paid