If an exhaustible resource is priced at marginal cost that remains constant over time, then
A) all owners of that resource earn rent.
B) the price will stay constant over time.
C) the percent price increase each year equals the rate of interest.
D) the good is relatively scarce.
C
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Which of the following individuals is NOT counted as unemployed?
A) Jackie, who was recently fired and is now applying for another job B) Jennifer, who just graduated from college and is now seeking employment with the company of her dreams. C) Jamil, who recently quit his job and is looking for a new position D) Jack, who has become discouraged about ever finding a job and has stopped looking
To be effective, the minimum wage must be set ________ the market-clearing wage, and this will result in a ________ of labor
A) above; surplus B) above; shortage C) below; surplus D) below; shortage
Refer to the above figure. Which panel represents a monopolistic competitor that is earning zero economic profits?
A) Panel A B) Panel B C) Panel C D) Panel D
Which of the following will contribute to higher wage rates for labor?
a. increased productivity b. increases in capital formation c. a decrease in the supply of labor d. all of the above