Persons who do not work because of bad weather or vacation are part of
a. the unemployed labor force.
b. the employed labor force.
c. frictional unemployment.
d. cyclical unemployment.
b. the employed labor force.
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Because of their higher value of marginal product
A) the demand curve for high-skilled workers lies to the right of the demand curve for low-skilled workers. B) the demand curve for high-skilled workers lies to the left of the demand curve for low-skilled workers. C) the supply curve for high-skilled workers lies to the right of the supply curve for low-skilled workers. D) the demand curve for high-skilled workers lies to the left of the supply curve for low-skilled workers.
If a firm has a long-run average cost of $2 when it produces 4,000 units of an input and has a long-run average cost of $1 when it produces $10,000 units and the firm needs 10,000 units of the input, the firm ________ experience economies of scale, which makes the firm ________ likely to make the input rather than buy it.
A) does not; more B) does; less C) does; more D) does not; less
Who decides what portion of the money supply will be held as currency in circulation?
a. The Treasury b. The central bank c. The banking system d. The non-bank public e. All the above.
The quantity of money has no real impact on things people really care about like whether or not they have a job. Most economists would agree that this statement is appropriate concerning
a. both the short run and the long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the long run nor the short run.