Frictional unemployment occurs when:
a. there is friction between an employer and employee
b. a worker decides to quit to seek a different job.
c. a large corporation transfers a worker to another city.
d. college students go back to school at the end of the summer.
b
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Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have data for price (P), MR, ATC, MC, AVC, at the quantity of 1,000 breads a day. The firm's total profit is calculated by
a. P – AVC b. P – ATC c. P – MC d. (P – ATC)Q e. TR – TVC
A competitive market where firms currently earn positive economic profit will see firms exit the industry from increased competition
a. true b. false
Which of the following are part of a commercial bank's reserves?
I. cash in the bank's vaults II. loans III. cash in checking accounts A) I only B) I and II C) I and III D) I, II and III
If your demand for a good is ________, then a 1 percent fall in its price will lead you to ________ your expenditures on the good
A) inelastic; increase B) inelastic; decrease C) elastic; increase D) elastic; decrease