New college graduates still looking for their first jobs would be classified in the BLS data as:
A. Frictionally unemployed
B. Not yet in the labor force
C. Cyclically unemployed
D. Part of structural unemployment
A. Frictionally unemployed
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The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is 35¢ per minute. What is the consumer surplus at the current price?
A) 924.5 B) 1075 C) 301 D) 1250
If price is unchanging across the firm's entire production range, then for the firm selling bagels at $0.40 each,
a. P = MR = AR b. MR = MC = AC c. TR = TC = 0 d. TR – TC = 0 e. AC = MC = TC
When a monopolist decreases the price of its good, consumers
a. continue to buy the same amount. b. buy more. c. buy less. d. may buy more or less, depending on the price elasticity of demand.
Karl Marx believed the central figures in an industrial economy were the
A. labor union leaders. B. heads of the ruling political party. C. capitalists. D. stock market speculators.