Structural unemployment is:
A. the result of the ordinary difficulty of matching employee to employer.
B. persistent, long-term unemployment.
C. short-term unemployment.
D. correlated with the ups and downs of the business cycle.
Ans: B. persistent, long-term unemployment.
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The reason economists consider monopoly to be socially undesirable is that monopolists:
A. can charge any price they want. B. produce less than the socially optimal level of output. C. earn too much economic profit. D. exploit the inelastic nature of demand.
A firm wishes to fire an employee. The company will save up to $300 . per month on his compensation package. It is estimated that the employee contributes around $4,100 to the company. The firm
a. Should not fire the employee because the benefits outweigh the costs b. Should fire the employee if the hidden cost of not firing him is $500 c. Should fire the employee if the hidden cost of not firing him is $1500 d. Need more information
A leftward shift in supply could be caused by: a. an improvement in productive technology. b. a decrease in income
c. some firms leaving the industry. d. a fall in the price of inputs to the industry.
If you go to a bar tonight and have three beers before going home to study economics, will you likely receive some consumer surplus? Explain why or why not