Indy worked for a major automobile manufacturer before the company relocated its factory to Malaysia, putting Indy out of a job. Indy continues to seek new employment, but will likely have to retrain or relocate to find a job. Based on this description, Indy is best described as:
A. frictionally unemployed.
B. not in the labor force.
C. structurally unemployed.
D. cyclically unemployed.
Answer: C
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A measure of monopoly power used by the government is the
A) percentage share of the relevant market or market share test. B) profit of the firm compared to other firms in the industry. C) price charged by the firm for goods and services. D) percentage difference between price and marginal cost.
Total utility can be calculated as the
a. sum of all marginal utilities b. price paid for one unit of a good c. product of all marginal utilities d. total expenditure on all units of a good the consumer buys e. difference between the marginal utilities of the first and last units of a good
What does the supply curve for Mexican pesos tell us?
a. The number of pesos people will want to sell at each different exchange rate b. The number of pesos people will want to sell at each level of output c. The number of pesos people will want to buy at each different exchange rate d. The number of pesos people will want to buy in each different time period e. The number of pesos people will want to sell at each different interest rate.
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. If Leo earns $150, then he will receive ________ in total benefits from the two programs.
A. $225. B. $75. C. $325. D. 0.