The best example of a "frictionally unemployed" worker is one who:
A. has lost their job because skills no longer match job requirements.
B. is laid off during a recessionary period in the economy.
C. is in the process of voluntarily switching jobs.
D. reduces productivity by causing frictions in a business.
Answer: C
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A decrease in the marginal income tax rate is a fiscal policy which will increase aggregate demand
Indicate whether the statement is true or false
If the total cost of producing 20 units of output is $1,000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A) $65 B) $50 C) $15 D) It is impossible to determine without additional information.
Following a decrease in the price of a good, an individual will purchase more of the now less expensive good and less of other more expensive goods. This is known as the _____ effect
a. income b. endowment c. substitution d. price e. scale
According to economists, human activity is unresponsive to changes in costs
a. True b. False Indicate whether the statement is true or false