Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:
A. out of the labor force.
B. unemployed.
C. employed in the underground economy.
D. underemployed.
Ans: A. out of the labor force.
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A firm that is technologically efficient
A) must be economically efficient, but a firm that is economically efficient is not always technologically efficient. B) must be economically efficient, and a firm that is economically efficient must always be technologically efficient. C) is not always economically efficient, and a firm that is economically efficient is not always technologically efficient. D) is not always economically efficient, but a firm that is economically efficient must always be technologically efficient.
Why does an external cost lead to inefficient overproduction?
What will be an ideal response?
If Jim pays $1000 to John: a. GDP will increase by $1000
b. GDP will increase, but we cannot determine by what amount. c. nominal GDP will increase, but we cannot be sure if real GDP will increase or decrease. d. we need more information in order to determine whether or how much GDP will change.
If the exchange rate between yen and dollars were 120 yen per dollar, when an American purchases a good valued at 600 yen, its cost in dollars would be: a. $5
b. $600. c. $72,000. d. $120.