Full employment is the rate of employment that results when:
A. all the labor resources of the economy are employed full time.
B. cyclical unemployment has reached its maximum.
C. everybody who wants a job can find one.
D. only frictional and structural unemployment are present.
Answer: D
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The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of demand for pencils by the initial value method is 2, and you would like to increase the quantity sold to 1200. Then the new price for pencils must be:
A. $0.05. B. $0.25. C. $0.30. D. $0.45.
A pure monopoly will find that marginal revenue ________.
A. is less than price B. exceeds price C. is identical to price D. is sometimes greater and sometimes less than price
Consider a diagram in which the variable measured on the y-axis remains constant while the variable measured on the x-axis increases. The graph is of this relationship is a
A) perpendicular line. B) line with slope equal to zero. C) line that has positive slope. D) line that has a negative slope.
Marginal net benefits in the table:Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. initially increase, reach a maximum, and then decrease. B. decrease at a constant rate. C. remain relatively stable over different values for the control variable. D. initially decrease, reach a minimum, and then increase.