In the view of the classical school, unemployment
a. is a permanent condition
b. disappears when everyone who is willing to work at the equilibrium wage finds employment
c. exists because people do not interfere with the competitive process
d. is only temporary because all wages and prices are rigid
e. is necessary and not really harmful to the economy
B
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If you were to put the following effects of a decrease in demand into the sequence in which they occur, which would be last?
a. The demand curve facing each individual firm drops. b. Each firm reduces quantity supplied to the point where marginal cost equals its now-lower marginal revenue. c. In the short run, the market price drops. d. Market output falls. e. A short-run loss forces some firms out of business in the long run.
The average product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired. B. the amount of output divided by the amount of capital used to produce the output. C. the amount of output produced multiplied by the last ?L units of labor hired. D. the amount of output divided by the number of workers employed.
Which of the following countries began liberal economic reforms during the 1980s and now have significantly more economic freedom than during the mid-1980s?
a. Ireland and New Zealand b. France and Italy c. Sierra Leone and Haiti d. United States and Germany
A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be included in the total cost of the business?
A. The cost of the truck B. The cost of ice cream cones C. The opportunity cost of the student's time D. All of these would be included in total cost.