Which of the following would disqualify a worker from being counted as unemployed by the U.S. Department of Labor?
a. being a stay-at-home mom
b. reentering the workforce after an absence
c. actively looking for work
d. being 17 years old and in school
a. being a stay-at-home mom
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Define the terms "production" and "production function." Differentiate between the short run and the long run based on the usage of inputs by a firm
What will be an ideal response?
As a firm attempts to increase its production, its long-run average costs eventually rise because of
A) the law of diminishing returns. B) diseconomies of scale. C) fixed capital. D) insufficient demand.
For both a monopolist and a monopolistically competitive firm:
a. price equals average total cost. b. price is above marginal revenue. c. marginal revenue equals zero. d. marginal cost equals zero.
If on Tuesday you can buy 125 yen per U.S. dollar and on Wednesday you can buy 120 yen per U.S. dollar,
a. both the U.S. dollar and the yen have appreciated. b. both the U.S. dollar and the yen have depreciated. c. the U.S. dollar has appreciated and the yen has depreciated. d. the U.S. dollar has depreciated and the yen has appreciated.