What problems arise in interpreting unemployment data?
Because people move into and out of the labor force very often, unemployment statistics are difficult to interpret. Some people who are classified as unemployed may not, in fact, be trying very hard to find a job. Some people say they are unemployed when, in fact, they are being paid cash "under the table" to avoid taxes and/or to qualify for government benefits. Discouraged workers could reasonably be considered unemployed, yet they are categorized as out of the labor force.
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The three fundamental questions that any economy must address are:
A) How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B) What goods and services to produce; how will these goods and services be produced; and who receives them? C) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? D) Who gets jobs; what wages do workers earn; and who owns what property?
Explain how the short-run supply curve of the competitive firm is derived
Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
A. legally enforced patent rights B. an inelastic demand for a product C. economies of scale D. ownership of a vital resource
Which firm in Figure 26.5 is most likely a monopolistically competitive firm in the long run?
A. Firm A. B. Firm B. C. Firm C. D. Firm D.