Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. Microland is currently operating at Point B. You correctly deduce that
A. Microland has recently experienced some type of technological breakthrough.
B. Microland has overcome the problem of scarcity.
C. Microland has achieved a position of inefficiency.
D. in Microland, all resources are fully employed and there are no production inefficiencies.
Answer: D
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Information on the price elasticity of demand is particularly important to managerial decision making because:
A) the higher the price elasticity of demand for a product is, the more profitable it will be to produce more of it. B) depending on the elasticity coefficient, decision makers will immediately know if a price change will cause profits to increase or decrease. C) it allows one to predict how total revenue will respond, i.e., increase or decrease, to a change in price. D) as the price elasticity coefficient approaches one, profits will increase.
Figure 11-7
The firm in Figure 11-7 is an unregulated monopolist; it will earn long-run profits of how much?
a.
500
b.
400
c.
300
d.
200
Refer to the graph shown. What area represents total economic profits?
A. CBWT B. DAFM C. DABC D. MFWT
Exhibit 16-2 Unemployment categories Category# ofIndividuals Frictional unemployment 20 Structural unemployment 35 Cyclical unemployment 60 Discouraged workers 5 Underemployed workers 10 Fully employed workers410 Population900 Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately:
A. 10 percent. B. 12 percent. C. 17 percent. D. 20 percent.