The official unemployment rate would be higher if it included the existence of hidden unemployment or individuals who are:
a. on unemployment compensation
b. not working.
c. working part time but prefer full-time work.
d. voluntarily retired.
e. unemployed and looking for work.
c
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At a certain level of production, the marginal revenue and marginal cost of a monopolist are $8 and $6, respectively. Which of the following statements is true in this context?
A) The monopolist should expand production. B) The monopolist should contract production. C) The profits of the monopolist are maximized. D) The profits of the monopolist are minimized.
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.
Suppose investors become more optimistic that the economy will be doing well over the next decade. How will the market for loanable funds as depicted in the accompanying graph be affected?
A. Supply will shift to the right from S1 to S2.
B. Supply will shift to the left from S2 to S1.
C. Demand will shift to the right from D1 to D2.
D. Demand will shift to the left from D2 to D1.
In a capitalist market economy, the decision to save is made by the same people who make the major investment decisions.
Answer the following statement true (T) or false (F)