A discouraged worker ________ counted as officially unemployed and ________ counted as in the labor force
A) is; is
B) is; is not
C) is not; is
D) is not; is not
D
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Which of the following statements is true?
A) The wages expected by potential workers are independent of their work experience. B) Some people seeking paid jobs may not be able to find employment. C) The wages expected by potential workers are independent of their educational qualifications. D) All people seeking paid jobs are eventually employed.
Refer to the graph shown. At an output of a, the monopolist should:
A. reduce output to increase profits. B. not change output since profits are maximized. C. increase price to increase profits. D. increase output to increase profits.
Refer to Figure 6.6, which shows a market for taxi medallions. If the number of taxi licenses is reduced from Q2 to Q1, the decrease in total surplus of the market is represented by:
A. area FGI. B. area GHI. C. area FHI. D. area BDFH - area FHI.
In the above figure, if the price is P1 and the firm produces Q2, it is
A) making an economic profit. B) incurring an economic loss. C) breaking even. D) More information is needed to determine if the firm is earning a positive economic profit, zero economic profit, or is incurring an economic loss.