Which of the following statements is true?
A) In the long run, the average cost curve is always downward sloping.
B) In the long run, the quantities of all inputs are fixed.
C) In the long run, the firm's fixed costs are greater than its variable costs.
D) In the long run, all costs are variable costs.
E) In the long run, the total variable cost equals the total fixed cost.
D
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A rise in the price level causes
A) a reduction in total planned real expenditures. B) an increase in aggregate demand. C) an increase in total planned real expenditures. D) a decrease in aggregate demand.
In calculating the unemployment rate, part-time workers are:
A. included in the labor force but not the unemployment rate. B. counted as unemployed because they are not working full time. C. counted as employed because they are receiving payment for work. D. excluded from the labor force because they are not actively seeking employment.
The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
Which of the following forms of affirmative action is unconstitutional?
A. a quota for hiring minority teachers in a public school district seeking to have a more diverse faculty B. a quota on hiring black firefighters in an urban area with a history of court-documented discrimination C. a federal mandate for highway contractors to advertise for employees widely D. a court ordered affirmative action admissions policy for a university found to have discriminated in the past