Steel workers laid off from their jobs as the result of a recession are considered
A) seasonally unemployed. B) cyclically unemployed.
C) frictionally unemployed. D) structurally unemployed.
B
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All of the following are characteristics of stock except
A) stock does not represent a promise to repay a fixed amount of funds. B) stock promises to repay a fixed amount to of funds to stock owners. C) stock represents ownership in a firm. D) dividends paid to owners of stock represent a firm's profits.
Which of the following statements is true with respect to a tariff on imported cheese?
a. It lowers the price of cheese. b. It lowers domestic cheese producers' profit. c. It creates tax revenues for the government. d. It cannot result in retaliation. e. It increases the amount of foreign cheese sold on domestic markets.
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below: What is John's opportunity cost of cleaning windows for an hour?
A. $14 B. $2 C. $8 D. $7
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be: Demand: Qd = 10,000 ? 10,000P + 1.0MSupply: Qs = 80,000 + 10,000P ? 4,000PIwhere Q is quantity, P is the price of the product, M is income, and PI is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and PI for 2015:
= $50,000 and 
I = $20The manager also estimates the average variable cost function to beAVC = 3.0 ?
0.0027Q + 0.0000009Q2Total fixed costs will be $2,000 in 2015. The optimal level of production for the firm is A. 1,000 B. 2,000 C. 1,500 D. 2,500 E. none of the above