Which of the following can directly affect the value of a household’s real wealth in the short run?
a. average wages for workers
b. consumer confidence
c. the performance of the stock market
d. consumer preferences
c. the performance of the stock market
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Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
If the market price decreases to $0.55, the profit-maximizing quantity of output is
A. 0. B. more than 20, but less than 35. C. 20. D. 15.
Which of the following is TRUE concerning equilibrium in a monopsonistic factor market?
A) The firm uses the efficient level of the input but does not maximize profit. B) The firm maximizes profit but does not use the efficient level of the input. C) The firm maximizes profit and uses the efficient level of the input. D) The firm either maximizes profit or uses the efficient level of the input, but it cannot do both at the same time.
A union is a type of cartel
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
A) Discouraged workers are a subset of a larger group termed marginally attached workers. B) Discouraged workers are counted as unemployed in the official unemployment rate calculation. C) A person is considered underemployed if he is working at a job for which his skills far exceed the skills required for his job. D) People who are underemployed are not counted as unemployed.