A person who is counted as "unemployed" by the Bureau of Labor Statistics
a. is also in the labor force.
b. must have recently looked for work or be on temporary layoff.
c. must be at least 16 years old.
d. All of the above are correct.
d
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A monopsony will hire another worker if the
A) marginal cost of labor exceeds the value of marginal product. B) marginal cost of labor is less than the value of marginal product. C) marginal cost of labor is less than the wage rate. D) wage rate exceeds the value of marginal product.
In a model with money neutrality, a 10% increase in the money supply leads to an increase of output by
A) more than 10%. B) 10%. C) less than 10%, but more than zero. D) zero.
A monopoly that is maximizing profits never operates in the ________ portion of the demand curve
A) unitary elastic B) elastic C) inelastic D) horizontal
At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay. B) not all sellers who are willing to accept the price will find buyers for their products. C) the federal government will provide the product to anyone who cannot afford it. D) any buyer who is willing and able to pay the price will find a seller for the product.