Discouraged workers who want jobs but have stopped looking for jobs are:
A. frictionally unemployed.
B. unemployed due to structural unemployment.
C. no longer in the labour force.
D. helped by minimum-wage legislation.
Ans: C. no longer in the labour force.
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Wayne Inc supplies a wide range of electronic products. However, the quality of the company's products is low compared to other companies. The CEO of the company decides to improve quality by reducing the variety of products. The decision of the CEO is based on the concept of _____
a. privatization b. globalization c. economies of scale d. specialization
As trade restrictions are eliminated, increased imports
A. Shift the allocation of resources away from import-competing industries. B. Leave the composition of the GDP unchanged. C. Redistribute income out of import-using industries. D. Lower competition in product markets.
Suppose that the inverse demand for a downstream firm is P = 150 ? Q. Its upstream division produces a critical input with costs of CU(Qd) = 5(Qd)2. The downstream firm's cost is Cd(Q) = 10Q. When there is no external market for the downstream firm's critical input, the marginal revenue for the downstream firm is:
A. MRd(Q) = 140 ? Q. B. MRd(Q) = 150 ? 2Q. C. MRd(Q) = 150 ? Q. D. MRd(Q) = 140 ? 2Q.
Briefly describe the European Union
What will be an ideal response?