Which of the following will shift the domestic SAS curve up?
A. Reducing unemployment insurance
B. Lowering wages
C. Increasing unemployment insurance
D. Increasing productivity by retraining
Answer: C
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Which of the following expressions is correct?
a. marginal cost = (change in quantity of output)/(change in total cost) b. average total cost = (total cost)/(quantity of output) c. total cost = variable cost + marginal cost d. average variable cost = (quantity of output)/(total variable cost)
How would the Bureau of Labor Statistics classify a person who is not working and refuses an offer of employment in order to keep looking for a better job?
What will be an ideal response?
Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others.
B) continuous adjustment of extremes to conform to the average.
C) passing information up from below and instructions or commands down from above.
D) sacrificing personal interest to the public or general interest.
E) sacrificing the public interest to self-interest.
The labor market is a market in which:
A. labor supply and labor demand alone determine wages and employment. B. firms determine the supply of labor. C. the invisible hand operates unimpeded by other forces. D. social and political pressures are particularly strong.