A person who previously had a full-time job has been paroled from prison and has applied for a job is considered
A. a job loser.
B. not in the labor force.
C. a new entrant.
D. a reentrant.
Answer: D
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Suppose the supply of farmland is infinitely inelastic and the demand for land is downward sloping but inelastic at the current equilibrium
If the supply curve shifts leftward (e.g., some farmland is permanently converted to other uses), what happens to the aggregate economic rents in this market? A) Decrease B) Increase C) Remain the same D) We do not have enough information to answer this question.
Producers are willing and able to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of resources to attract them from alternative uses b. they will decrease their profits by expanding production at higher prices c. the government orders them to do so d. lower prices attract new firms, which have higher costs of production e. they hire superior quality, higher-priced resources as production expands
The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism. B) cartelization. C) the capture theory. D) the control theory.
The relationship between the price that a perfectly competitive firm can charge buyers and the firm's marginal revenue is that the price is ________ marginal revenue over all output.
A. below B. equal to C. above D. sometimes above and sometimes below